ADM cocoa business sells to Olam for $ 1.3 billion

The American Archer Daniels Midland (ADM), one of the biggest agribusiness companies in the world, reported that reached an agreement with Olam International Limited to sell its cocoa processing business for $ 1.3 billion. subject to adjustments.
Second announcement of the trading, the deal should be completed in the second quarter of 2015 and does not interfere with sale of the chocolates from ADM to Cargill, announced in September this year.
"We continue to manage our portfolio to create shareholder value by improving the return and cushioning the volatility of earnings," he said in a statement, the CEO of ADM, Patricia Woertz. "This transaction will allow us to redistribute capital to investments that offer better returns and lower volatility than the cocoa business, or distributing excess capital to shareholders, or a combination of both."
In September, on the occasion of the announcement of the deal with Cargill, Patricia said he would hold the cocoa-processing operations at ADM, despite closing the unit located in the u.s. State of Pennsylvania.
Selling today covers the Brazilian operations of cocoa in Ilhéus (State of Bahia) and the other ADM processing facilities in Mississauga, Canada; Koog aan de Zaan and Wormer, Netherlands; Mannheim, Germany; Abidjan, Ivory Coast; Kumasi, Ghana; and Singapore. Also included are the purchase of ADM in Brazil, Cameroon, Ivory Coast and Indonesia, as well as the company's marks and deZaan UNICAO.
The 1,500 employees will be transferred to the Olam.