Archer Daniels Midland Co. (ADM) said Wednesday that it has taken a 75% equity stake in private-label pet treat and supplement manufacturers PetDine, Pedigree Ovens, The Pound Bakery and NutraDine. The transaction values the four enterprises, also called P4 Companies, at $600 million. They have 300 employees, 650 customers across 15 countries, and make products like treats, liquids and powders for pets. Archer Daniels will also acquire production facilities in Illinois and Colorado. Vince Macciocchi, president of Archer Daniels' Nutrition business, said in a statement that the deal is part of the pursuit of the growing pet nutrition business, with global annual sales of pet food projected to grow to $140 billion by 2026 and pet treats growing at an even faster rate. Archer Daniels could purchase the remaining 25% in the coming years. Archer Daniels shares have gained 18.8% for the year to date while the S&P 500 index has gained 20% for the period.
(END) Dow Jones Newswires
September 08, 2021 14:51 ET (18:51 GMT)
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