Archer Daniels Midland Company (NYSE: ADM) announced that it had reached an agreement to acquire Florida Chemical Company (FCC), a division of Flotek Industries (NYSE: FTK) specializing in citrus-based flavors and fragrances, and one of the world’s largest providers of citrus oils and ingredients.
“ADM is already a leader in natural flavors for food and beverages, offering a wide variety of high-value products and solutions in areas such as vanilla and mint, and this acquisition will place us in a leadership position for citrus flavors as well,” said Vince Macciocchi, president of ADM’s Nutrition business unit. “Citrus is one of the fastest-growing flavor categories, and the single most important taste profile for beverages, and no one in North America does citrus better than Florida Chemical Company.”