Grain processor Archer Daniels Midland Co. (ADM) Thursday announced an agreement to purchase Eatem Foods Co., a developer and producer of premium traditional, natural and organic savory flavor systems.
Eatem, founded in 1983, is based in Vineland, New Jersey, and is privately-held. The company's annual revenues have been in the mid-$40 million range. ADM expects to close the deal in the coming weeks.
According to ADM, Eatem's products and capabilities align exceptionally well with consumer preferences for healthier foods, clean labels, ethnic cuisines and natural flavors. The deal is expected to broaden the company's capabilities in the foodservice and private brand channels.
Vince Macciocchi, president of ADM's WILD Flavors and Specialty Ingredients business unit, said the company is accelerating its evolution from an ingredient supplier to a complete solutions provider by systematically building and acquiring capabilities to meet a wide range of customer needs.
Last year's addition of Specialty Commodities Inc. added capabilities in ancient grains and expanded the company's nut and seed offering.
"Just a few weeks ago, we announced our new, state-of-the-art flavor lab and customer innovation center in Cranbury, New Jersey. And with today's announcement, we'll be able to even better serve our customers and the growing market for savory flavor blends with Eatem's renowned combination of culinary expertise and technical know-how," Vince Macciocchi added.
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