CHICAGO — Archer Daniels Midland Co. said Friday that it had reached an agreement to acquire U.K.-based Probiotics International Limited, which makes probiotic supplements for human, pet, and production-animal use.
The all-cash transaction will be valued at $243 million, ADM said. The probiotics company, known under its umbrella brand Protexin, has 160 employees and sales in more than 60 countries.
Vikram Luthar, president, ADM Health & Wellness, said the deal would add to the company's portfolio of products that promote health and wellness.
“We took a major step in this area last year with the addition of Biopolis, and then added to our capabilities with our personalized nutrition collaboration with Mayo Clinic, our joint development agreement with Vland Biotech, and our new enzyme lab in California," Luthar said. "Now, with the addition of PIL’s extensive sales and marketing network to our existing R&D capabilities, we are building a world-class, fully-integrated probiotics and nutraceuticals business.”
The deal, which is subject to regulatory review, is expected to close in the third quarter.
With its North American headquarters in Decatur, ADM is the city's largest employer with more than 4,000 workers and large corn and oilseeds processing operations.
The agribusiness giant last month reported first-quarter earnings of $393 million, an improvement of 16 percent from a year ago.