Chicago – Archer Daniels Midland Co. (ADM) has reached an agreement to acquire Florida Chemical Co. (FCC), a division of Floteck Industries, Inc. that specializes in citrus flavors, the supplier reports.
Based in Winter Haven, FL, FCC produces ingredients, specialty terpenes and formulated products primarily for the flavor, fragrance and consumer products markets, according to ADM.
“ADM is already a leader in natural flavors for food and beverages, offering a wide variety of high-value products and solutions in areas such as vanilla and mint, and this acquisition will place us in a leadership position for citrus flavors as well,” says Vince Macciocchi, president of ADM’s nutrition business unit. “Citrus is one of the fastest-growing flavor categories, and the single most important taste profile for beverages, and no one in North America does citrus better than Florida Chemical Company.”
The deal is expected to close later this year, at which time approximately 75 FCC employees will transfer to ADM, the acquiring firm reports.
“ADM has long been an admired industry innovator whose global nutrition portfolio capabilities are second-to-none. Florida Chemical’s citrus expertise, together with our combined leadership in research and development, will allow us to strategically accelerate and expand our diverse offering to a wide and growing customer base. Additionally, I am pleased that we will continue our strong relationship with Flotek through both a long-term supply agreement and through the joint pursuit of next-generation chemistry technologies for the energy and agriculture industries,” says Josh Snively, president of Florida Chemical and Flotek’s executive vice-president of operations.