ADM acquires oilseed processing venture in Ukraine
March 16, 2007
by Eric Schroeder
DECATUR, ILL. — Archer Daniels Midland Co. has completed the acquisition of all outstanding shares in Ilitchevskiy Maslo Extractionniy Zavod (IMEZ) from Risoil S.A. IMEZ operates a sunseed crushing facility close to the large port of Odessa along the Black Sea in Ukraine.
ADM and Risoil became 50/50 shareholders in IMEZ in June 2004.
"The IMEZ facility at Illitchevsk complements our global asset base in an important origination location," said Mark Zenuk, vice-president and managing director-Europe and Asia, ADM. "We look forward to working with Ukrainian farmers to help meet the changing needs of our food customers due to evolving global demands."
Ukraine is the second largest producer of sunseed in the world after the Russian Federation with harvests of approximately 5 million tonnes per year.