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Benzinga
Benzinga
Business
Shivani Kumaresan

Archer-Daniels-Midland Plans To Invest $300M To Expand Protein Production

  • Archer-Daniels-Midland Co (NYSE:ADM) said it is planning a $300 million investment to expand its Decatur, Illinois, alternative protein production.
  • The company will also launch a Protein Innovation Center to enhance its alternative protein capabilities.
  • The project is expected to be completed in the first quarter of 2025.
  • The investment will support ADM's soy protein concentrate capacity and nearly double the extrusion capacity at the Decatur complex. 
  • "The array of opportunity areas for alternative proteins in foods and nutrition solutions is continuing to grow at 10% CAGR, with alternative meat and dairy sales alone expected to grow by 14% a year and reach $125 billion in 2030," said Leticia Gonçalves, ADM's president of Global Foods.
  • Price Action: ADM shares are trading higher by 0.71% at $95.24 on the last check Tuesday.
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