Decatur, IL — While Archer Daniels Midland Co. (ADM) is still seeking a buyer for its chocolate business, the company reports it will retain the majority of its cocoa press operations.
ADM Chairman and CEO Patricia Woertz explains this is because of improved conditions as cocoa supplies have returned to normal production levels. “Given the improved underlying conditions and the success of our efforts to reduce capital intensity, we see a promising outlook for the cocoa press business and believe it will meet our returns objectives.”
Concerning the sale of its chocolate business, Woertz says after extensive negotiations with a potential buyer, an agreement couldn’t be reached that met ADM’s objectives.
“Instead, ADM is moving ahead with a process to sell our global chocolate business while retaining most of our cocoa press operations,” she says. “This approach will position ADM to realize the greatest overall value from these businesses.”
The company operates chocolate production facilities in Hazelton, PA; Milwaukee, WI; Georgetown, Ontario; Liverpool, UK; Manage, Belgium; and Mannheim, Germany.