ADM: Acquires Harrell Nut Company

Chicago / IL. (adm) Golden Peanut Company LLC, a subsidiary of Archer Daniels Midland Company (ADM), announced that it has acquired the processing facilities and certain assets of the Harrell Nut Company, one of the leading processors and shellers of pecans in the United States. Reflecting the company´s continuing expansion of its product portfolio, Golden Peanut also announced that it is changing its name to «Golden Peanut and Tree Nuts». «By expanding our product portfolio, we are improving our ability to serve our customers while taking another step in our efforts to reduce earnings volatility», said Kris Lutt, president, Golden Peanut and Tree Nuts. «Our diversification into tree nuts began earlier this year, when we acquired 50 percent ownership of South African Pecans. We are taking another step now. The acquisition of Harrell Nut Company moves us into the U.S. pecan market-a market that we expect will see increasing consumer interest in the coming years». Harrell Nut Company is a major domestic pecan processor, with facilities in Camilla, Georgia; El Paso, Texas; and Monticello, Florida. It serves both domestic and international markets. «In recent years, we have seen the demand for healthier, more convenient foods drive up nut consumption», Lutt added. «U.S. pecan demand has grown almost 40 percent over the last decade. Now, we are moving to take advantage of continuing growth. The Harrell family has built a great business, and we look forward to working with them and their team to make it even stronger as part of Golden Peanut and Tree Nuts». In addition to the name change, Golden Peanut and Tree Nuts is introducing a new logo that reflects the company´s expanded product offerings. «Our new name and logo reflect our commitment to growing and diversifying our business», Lutt continued. «Peanuts will remain a core part of our business. We are building on that core, enhancing the range of products and solutions we can provide to our customers».

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