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ADM Announces Beijing Office and Strategic Investment in Agricultural Bank of China
02.07.2010 09:37 "Agro Perspectiva" (Kyiv) —
Archer Daniels Midland Company (NYSE: ADM) today announced two key actions that advance its strategy for profitable growth in China and throughout Asia: the opening of a Beijing office; 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.»
Company to Open Beijing Office
The Company will open an office in Beijing in 2010, and has named Ismael Roig to lead ADM’s 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.
«Ismael’s strategic acumen and commitment to developing ADM’s business will serve the Company well as we seek to grow with the Chinese market and expand our presence in Asia overall,» said Rice.
ADM Makes Strategic Investment in Agricultural Bank of China
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.
«This collaboration offers two leading supporters of agricultural growth the ability to benefit from the insight and experience of one another,» said Woertz. «It provides an important vantage point to identify and act on emerging opportunities.»
A memorandum of understanding, signed on June 11 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.
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