Ardent Mills transaction completed

Ardent Mills transaction completed

CONAGRA Foods, Cargill and CHS recently announced that their new joint venture flour milling company, Ardent Mills, would begin operations on or around May 29.

The announcement followed the conclusion of regulatory review by the U.S. Department of Justice and the successful completion of all international regulatory clearances. The transaction remains subject to financing and other certain customary closing conditions.

As announced in March 2013, Ardent Mills brings together two of the nation's leading flour milling companies: ConAgra Mills and Horizon Milling, a Cargill/CHS joint venture formed in 2002. The new company will take advantage of the combined assets, capabilities and experience of its parent companies to bring innovative flour and grain products, services and solutions to the marketplace. Ardent Mills will operate as an independent joint venture of its three parent companies.

ConAgra Foods and Cargill expected to complete the required sale of four flour milling facilities prior to May 29 to Miller Milling Co., a U.S. subsidiary of Japan-based Nisshin Flour Milling Inc. (Feedstuffs, May 26).

Following the completion of the joint venture, Ardent Mills' operations and services will be supported by 40 flour mills, three bakery mix facilities and a specialty bakery, all located in the U.S., Canada and Puerto Rico.

Ardent Mills will offer a unique set of services, including product development resources, technical and application support, supply chain management and commodity price risk management. Ardent Mills also will tap into its owners' market knowledge, transportation logistics, consumer insights, wheat sourcing capabilities, food ingredients and culinary expertise.

As previously announced, Ardent Mills' headquarters will be located in Denver, Colo. In addition to its headquarters, Ardent Mills will operate satellite offices in Omaha, Neb., and Minneapolis, Minn.

ConAgra Foods and Cargill will each own a 44% stake in Ardent Mills, with CHS owning a 12% interest. All three companies will have representatives on the Ardent Mills board of directors.

Volume:86 Issue:22

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