ADM To Buy Major Stake In PetDine, Pedigree Ovens, The Pound Bakery, NutraDine

(RTTNews) - Archer-Daniels-Midland Company (ADM), Wednesday said it has agreed to buy a 75% stake in PetDine, Pedigree Ovens, The Pound Bakery and NutraDine, providers of private label pet treats and supplements.

The deal values the four enterprises in their entirety at about $600 million, and ADM will acquire 75% of the equity.

"We're continuing to advance our growth strategy and transform our company with targeted investments that expand our capabilities in large, high-growth segments, including pet nutrition - a key focus of our growing animal nutrition business," said Vince Macciocchi, president of ADM's Nutrition business.

ADM will also acquire the companies 300,000+ square feet of state-of-the-art production and innovation facilities in Illinois and Colorado. The deal also includes a put/call option under which the parties could agree for ADM to purchase the remaining 25 percent at an agreed-upon market price in the coming years.