USA—ADM, a global leader in nutrition and sustainable solutions, announced it will invest to significantly expand starch production at its Minnesota facility in order to meet fast-growing demand from the food and beverage sectors, and to support the continued expansion of the company’s BioSolutions platform.
“We’re continuing to evolve our Carbohydrate Solutions business to align with growing and changing demand, driven by the global trends of food security and sustainability,” said Chris Cuddy, president of ADM’s Carbohydrate Solutions business.
ADM’s Carbohydrate Solutions segment which includes both its wet mill and dry mill ethanol plants, reported USD $317 million in segment operating profit for the first quarter, up USD $58 million from the same period last year.
That includes USD$316 million in operating profit for the starches and sweeteners subsegment, up from USD $222 million in segment operating profit reported for the first quarter of 2022.
“This significant capacity expansion will help ensure that we can continue to meet our customers’ needs across this broad portfolio,” said Cuddy.
This expansion is the latest in a series around the globe by ADM to increase its ability to meet growing customer demand for high-quality, responsibly-produced products.
“Three years ago, we announced that we would be phasing out production of high-fructose corn syrup at Marshall and expanding starch production to support increasing demand for products like sustainable packaging.
“In the short time since then, demand has continued to expand, both for food and beverage customers as well as for the broad array of plant-based products that make up our fast-growing BioSolutions platform,” he added.
ADM’s BioSolutions platform meets demand for more sustainable products and solutions across a wide variety of applications, from construction to packaging to personal care.
BioSolutions delivered USD $100 million in new annualized revenue in 2021, and has continued swift expansion, with USD $55 million in new sales growth in 2022.
“We’re continuing to expand the frontier of what is possible to meet demand for sustainable, plant-based products and solutions,” Cuddy continued.
“From our bioplastics agreement with LG Chem, to our work with NET Power and 8 Rivers to build a zero-emissions power plant in Decatur, to our advancement of the decarbonization of our footprint, we’re powering growth and living our purpose with the continued evolution of our Carbohydrates Solutions business.”
The expansion project is expected to be complete in the second half of 2023.
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