US — Ardent Mills, one of the largest milling companies in the United States, has maintained an upward trajectory in the second quarter of the fiscal year 2021, a security exchange filing by Conagra brands has revealed.
Conagra holds a 44% stake in Ardent Mills. Other owners of the US milling company include Cargill (44%) and CHS (12%).
In the Form 10-Q filing, Conagra equity method earnings in the quarter ended Nov. 28, 2021, were US$29.5 million, up 28% from US$23 million in the second quarter of fiscal 2021.
Earnings were modestly higher than the US$27.6 million recorded in the second period of fiscal 2020.
In the first half of the fiscal year, equity method investment earnings at Conagra were US$49.7 million, up 68% from US$29.5 million the year before.
For the fourth consecutive time, Conagra was pleased with Ardent Mill’s results noting that the strong results “reflected favorable market conditions”.
Also in the filing, Conagra stated again that in fiscal 2021, the company “completed a restructuring of our ownership interest in the Ardent Mills joint venture, a milling business, that utilized a portion of our capital loss carryforward prior to its expiration.”
Firebird acquisition complete
Earlier, Ardent Mills announced that it had completed the acquisition of Firebird Artisan Mills brand and products and was now embarking on fully integrating the business.
The company noted that integration will enable the flour-milling and ingredients specialist to bolster its nutrition offerings to meet the needs of an increasingly diverse consumer set.
The acquisition of Firebird Artisan Mills – a North Dakota-based gluten-free grain and pulse miller – builds on Ardent Mills’ existing specialty ingredient portfolio and also provides additional supply chain assurance.
Ardent Mills also noted that with Firebird, it will be able to bolster its capabilities in R&D, technical, food safety, and quality assurance.
“As we partner with our customers in the specialty ingredient and gluten-free space, we continue to strengthen our capabilities with a portfolio of solutions that our customers depend on and trust,” said Angie Goldberg, chief growth officer, Ardent Mills.
“Integrating the Firebird Artisan Mills products and expertise into Ardent Mills will maximize the synergies in our offerings and enhance the customer experience.”
Liked this article? Subscribe to Food Business Africa News, our regular email newsletters with the latest news insights from Africa and the World’s food and agro industry. SUBSCRIBE HERE
