BELGRADE (Serbia), July 27 (SeeNews) – US food processing and commodity trading giant Archer Daniels Midland, or ADM, has announced that it has signed an agreement to acquire Serbian supplier of non-GMO soy ingredients Sojaprotein with the aim of improving its Global Alternative Protein Platform.

Financial details of the transaction, which depends on regulatory approvals, were not disclosed in the press release issued by the US firm on Monday.

Sojaprotein offers non-GMO vegetable protein ingredients to global customers in the meat substitutes, confectionery, protein bars, pharmaceuticals, pet food and animal feed segments. The company, created in 1977, is present in 65 countries. The company achieved a turnover of more than 100 million dollars (84.7 million euros) in 2020.

The soy concentrate manufacturer is a subsidiary of the Serbian food company Victoria Group. Both companies are controlled by the Belgrade-based investment company MK Group.

“The arrival of a world-renowned strategic investor, with a 120-year tradition and a global value chain stretching from farms to grocery shelves, is proof of our company’s success and sustainable business model,” but also a big compliment for Serbia and our agribusiness sector ”, said Stefan Babovic, CEO of Victoria Group, in a separate statement.

($ = 0.8479 euros)