(Reuters) - Global grains merchant Archer-Daniels-Midland said on Monday it will acquire Revela Foods, a Wisconsin-based developer and manufacturer of dairy flavor ingredients and solutions, to bolster the company's flavors portfolio.
ADM has been diversifying its traditional grain handling business into flavors and nutrition foods over the years, and has acquired multiple flavor companies since its acquisition of WILD Flavors for $3 billion in 2014.
"Our flavors business is an important pillar of our Nutrition growth strategy, and we are continuing to add to our flavors pantry to ensure we remain the partner of choice for customers around the globe," said Ian Pinner, president of ADM's Nutrition business.
The company said that with Revela's projected sales of almost $240 million in 2023, it would add new capabilities to ADM's global flavors portfolio in the $1.8 billion global dairy flavors segment.
The deal is expected to close in early 2024. ADM did not provide any financial details of its deal to buy Revela.