Archer Daniels Midland Co. (ADM), the Chicago-based food processing mammoth, announced yesterday that it has reached an agreement to acquire Serbia-based Sojaprotein.
According to a press release issued by the company, Sojaprotein is the largest producer of GMO-free soy-based protein in southern Europe. It is currently present in 65 countries and offers a large array of plant-derived protein ingredients. It caters to customers around the globe, mainly in the pharmaceutical, animal feed and pet food segments.
In 2020, the company had registered over a $100 million sales transactions.
“Thirty years ago, ADM invented the soy vegetable burger, giving rise to the plant-based protein segment. Today, alternative protein represents one of our core growth platforms, and as this $10 billion global industry grows to $30 billion over the next decade, we are investing to expand our unparalleled capabilities,” stated Leticia Gonçalves, ADM’s president of Global Foods.
“The addition of Sojaprotein – the largest producer of plant-based protein in southern Europe – adds production capacity in addition to an impressive network of customers who are leading the way in meeting consumer needs for nutritious and responsible plant-based foods and beverages. We’re particularly excited for the opportunity to work together to meet the fast-growing demand of European consumers who prioritise locally-sourced, non-GMO ingredients in their food and beverages. We’re looking forward to bringing this successful, growing provider together with ADM’s global footprint, consumer insights and innovative technologies.”
The addition of Sojaprotein into ADM’s portfolio would build on ADM’s recent such investments in alternative protein including its new pea protein plant in North Dakota, PlantPlus Foods joint venture, soy protein complex in Brazil and partnership with promising start-ups like Air Protein.
Aleksandar Kostić, vice president of MK Group, and the majority owner of Sojaprotein, observed, “This agreement testifies to the sustainable business models that MK Group is implementing, as an investment company with a diversified portfolio of value-added industries in Southeastern Europe. This is yet another confirmation of the proven track record of our management, as well as the global recognition of the world-class quality of our non-GMO soybean products.”
The transaction is subject to regulatory approvals.