Archer Daniels Midland has further expanded into the plant-based and alternative-proteins market, announcing on Monday the final acquisition of Sojaprotein.
Sojaprotein is a European company specializing in non-GMO soybean ingredients. The Serbia-based company exports into 65 countries, according to a news release from ADM.
The company offers a range of non-GMO vegetable protein ingredients for European and global customers in the meat alternative, confectionery, protein bar, pharmaceutical, pet food and animal feed segments.
According to ADM, the company achieved more than $100 million in sales in 2020.
“ADM has been at the forefront of pioneering innovation in alternative proteins for more than seven decades, and we continue to invest to expand our capabilities to meet fast-growing demand for new protein solutions as we grow our nutrition business worldwide,” said Vince Macciocchi, president of ADM’s nutrition business.
Sojaprotein operates in northern Serbia in an agriculture-rich area of southeast Europe, in the heart of Serbia’s soybean growing area.
The company produces several soy-based value-added products including soy protein concentrate, textured flour and soybean lecithin.
Find more information on Sojaprotein here.
ADM has made a number of investments in the alternative-protein business.
In January 2021, ADM made a $32 million investment in Air Protein. Air Protein is a start-up company that is using the money to launch a research and development laboratory.
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The technology under development produces a protein flour used to convert into meat, using air and water.
In April 2021, ADM opened a plant-based innovation lab at the company’s research hub in Singapore. The facility is expected to develop new food and beverage products in the Asia-Pacific region.
In May 2020, ADM announced a joint venture with beef-patty producer Mafrig to launch PlantPlus Foods to produce plant-based burgers.
As part of the joint venture, Marfrig will initially own 70% of PlantPlus Foods, with ADM owning 30%.
ADM built a new soy-protein $250 million complex in Campo Grande, Mato Grosso do Sul, Brazil, in 2014. ADM provides ingredients produced at the plant to the joint venture.
Ingredients produced at the plant are marketed by ADM’s Foods & Wellness group as part of several specialty ingredients and products for beverage, meat, snack, bakery, cereal, wellness and personal-care markets.
ADM also operates a new pea-protein plant in Enderlin, North Dakota.
ADM announced in May 2021 plans to build a $350 million crush and refining complex in Spiritwood, North Dakota, expected to be online by the first quarter of 2022. In addition, ADM announced plans to launch a $25 million expansion of refining and storage capacity at its crush and refining plant in Quincy, Illinois, also expected to come online in the first quarter of next year.
Todd Neeley can be reached at email@example.com
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