Ray Young, chief financial officer for ADM, said: “We are pleased that we were able to reach an agreement with Gruma.
“This sale is part of our ongoing portfolio management actions to redeploy capital into key strategic areas that will help drive higher returns in the future.”
Under the terms of the sale, ADM received $450m up front and will also receive up to $60m in future contingent payments over the next 42 months. While ADM has exited from its ownership position in Gruma and related investments, ADM expects to maintain a healthy and strong commercial relationship with Gruma globally.
Bank of America Merrill Lynch was the financial adviser to ADM in the transaction.
Source: ADM
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