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Archer Daniels Midland completes purchase of 50% stake in Russian corn business

Illinois-based food processing company Archer Daniels Midland Co. completed its acquisition of a 50% equity stake in AKP, the sweeteners and starches business of Russia-based food company Aston Foods and Food Ingredients.

The company said July 2 that it received all required regulatory approvals to make AKP a 50-50 joint venture of both companies.

Effective June 29, Archer Daniels Midland and Aston Foods are the owners and operators of AKP's sales office in Moscow and its corn wet mill in Ibred, southeast of the Russian capital.

AKP's board will consist of directors from the two companies.

"This investment is the latest in a series aimed at expanding ADM's geographic footprint in regions of expected growth worldwide," Archer Daniels President of Europe, Middle East and Africa operations Pierre Duprat said in the release.

The company said its other businesses in Russia will remain separate from AKP.