ADM and Aston Foods announce new Russian venture
Archer Daniels Midland Company (ADM) and Russia-based Aston Foods have launched a 50-50 joint venture to provide sweeteners and starches to customers in Russia.
Aston is one of Russia’s largest agricultural and food ingredients businesses, with activities in farming, oilseeds crushing, edible oils and grain origination, in addition to its sweeteners and starches business unit. ADM, meanwhile, has had operations in Russia since 1980.
The launch of the new joint venture will see the two firms partner to own and operate Aston subsidiary AKP, which will serve major customers in the Russian food and beverage industry.
“This investment is the latest in a series aimed at expanding ADM’s geographic footprint in regions of expected growth worldwide. We’re pleased to continue diversification with the expansion of our sweeteners and starches capabilities into Russia,” says Pierre Duprat, ADM president, Europe, Middle East and Africa. “This is an exciting opportunity to bring together our experience and strengths to grow the jointly-owned corn business. With AKP, we are in an excellent position to serve our customers’ needs in Russia and meet anticipated growth in demand, both in the local market and globally.”
