ADM sells 23 per cent interest in Gruma $510 million

ADM sells 23 per cent interest in Gruma for $510 million

9:50 AM, 18th December 2012
ADM sells 23 per cent interest in Gruma for $510 million

DECATUR, US: Archer Daniels Midland Company (ADM) has sold its 23 per cent interest in Gruma, SAB de CV and its equity investments in related joint ventures for $450 million plus an additional contingent payment of up to $60 million. ADM received $450 million up front and will also receive up to $60 million in future contingent payments over the next 42 months.

“We are pleased that we were able to reach an agreement with Gruma. This sale is part of our ongoing portfolio management actions to redeploy capital into key strategic areas that will help drive higher returns in the future,” said Ray G Young, Chief Financial Officer, ADM.

© WOC News 

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Dow, ChemPoint collaborate for water soluble resin distribution

MAASTRICHT, THE NETHERLANDS: ChemPoint.com, one of the leading technology-enabled distributors of fine and specialty chemicals, and Dow Wolff Cellulos ...

Read more
Sumitomo acquires majority stake in McLaughlin Gormley King

TOKYO, JAPAN/MINNEAPOLIS, US: Sumitomo Chemical Co Ltd has acquired a majority stake in McLaughlin Gormley King Company (MGK). With the acquisition, M ...

Read more
Major breakthrough in biocatalysis, turns ice-creams to fossil fuels

MANCHESTER, UK: Scientists at The University of Manchester have identified a biocatalyst which could produce chemicals found in ice-cream and househol ...

Read more
Koch Industries to expand Wichita campus, US

WICHITA, US: Koch Industries has moved forward with expansion of its Wichita campus, Kansas, US. The project will include construction of a new 210,00 ...

Read more
ExxonMobil to buy 75 pc interest in Tugela Exploration in South Africa

IRVING, US: ExxonMobil Exploration and Production South Africa Limited, affiliate of Exxon Mobil Corporation, will soon begin exploration activities o ...

Read more
DuPont acquires Verdezyne’s enzyme technology

DELAWARE, US: DuPont has bought the rights for an enzyme technology that’s used to convert sugar into fuel and chemicals from Verdezyne Inc. The ...

Read more