ADM Embraces East

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Friday, 02 July 2010 20:29

Decatur, Illinois, July 2010 — Archer Daniels Midland Company has announced two key actions that advance its strategy for growth in China and throughout Asia: the opening of an office in Beijing, and a strategic investment in, and memorandum of understanding with, the Agricultural Bank of China. “China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” said ADM Chairman, CEO and President Patricia Woertz. “These actions position ADM well to expand its participation in that growing market.” The Company will open an office in Beijing later this year, and has named Ismael Roig to lead its Asian business and growth activities. Roig was named vice president and executive director, Asia-Pacific, and will report to John Rice, executive vice president, commercial and production. Roig previously served as vice president, planning and business development. ADM also announced that it will make a US$100 million investment in Agricultural Bank of China (ABC). ADM and ABC also announced an agreement to advance both organizations’ plans for growth in China. A memorandum of understanding, signed last month in Beijing, set forth the terms and objectives of the agreement, which are to advance agricultural development and identify strategic growth opportunities in China. “ADM and ABC are based in different countries and industries, but we share the same agriculture-related background and both are committed to delivering the highest-standard agricultural products and services. This solid ground provides a unique opportunity for our cooperation,” said ABC Vice Chairman and President Zhang Yun. The people of Archer Daniels Midland Company help turn crops into renewable products that meet the demands of a growing world. At more than 230 processing plants, they convert corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses. For more information about ADM and its products, visit www.adm.com. SOURCE: ADM < Prev   Next >