American agribusiness Archer Daniels Midland (ADM) announced Monday that its acquisition of European soy ingredients producer Sojaprotein has closed, positioning the firm to meet an upswing in demand for plant-based foods and beverages.
“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,” Vince Macciocchi, president of the company’s Nutrition business, said in a release. “We welcome our new Sojaprotein colleagues to ADM, and we look forward to working with them.”
Launched in Serbia in 1977, Sojaprotein supplies a range of non-GMO vegetable protein ingredients to customers in 65 countries. The firm is active in the meat alternative, confectionery, protein bar, pharmaceutical, pet food, and animal feed segments. Sojaprotein generated over $100 million in sales in 2020.
“Together, ADM and Sojaprotein are perfectly positioned for continued growth as we work to meet the needs of European consumers who are looking for locally-sourced, non-GMO plant-based ingredients in their food and beverage,” Macciocchi said.