Archer Daniels Midland (ADM) has announced plans to acquire European non-GMO soy ingredients group Sojaprotein.

Founded in 1977, Sojaprotein offers a variety of non-GMO soy ingredients for European and global customers in the meat alternative, confectionery, protein bar, pharmaceutical, pet food and animal feed segments.

“30 years ago, ADM invented the soy vegetable burger, giving rise to the plant-based protein segment,” said Leticia Gonçalves, ADM’s president of Global Foods. “Today, alternative proteins represent one of our core growth platforms, and as this $10 billion global industry grows to $30 billion over the next decade, we are investing to expand our unparalleled capabilities.

She continued: “The addition of Sojaprotein – the largest producer of plant-based protein in southern Europe – adds production capacity in addition to an impressive network of customers who are leading the way in meeting consumer needs for nutritious and responsible plant-based foods and beverages”.

“We’re particularly excited for the opportunity to work together to meet the fast-growing demand of European consumers who prioritise locally sourced, non-GMO ingredients in their food and beverages.”

Aleksandar Kostić, vice president of MK Group, the majority owner of Sojaprotein added: “This agreement testifies to the sustainable business models that MK Group is implementing, as an investment company with a diversified portfolio of value-added industries in southeastern Europe”.

“This is yet another confirmation of the proven track record of our management, as well as the global recognition of the world-class quality of our non-GMO soybean products,” he said.

The acquisition will enable ADM to accelerate its growth in the alternative proteins space, and builds on its growing portfolio, which includes: a soy protein complex in Campo Grande, Mato Grosso do Sul, Brazil; a pea protein plant in Enderlin, North Dakota; its PlantPlus Foods joint venture; and partnerships with startups such as Air Protein.

Financial terms of the transaction, which are still subject to regulatory approvals, were not disclosed.

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