Archer Daniels Midland Company (NYSE: ADM) and Russia-based Aston Foods and Food Ingredients have successfully launched their 50-50 joint venture to provide sweeteners and starches to customers in Russia.
Aston is one of Russia’s largest agricultural and food ingredients businesses, with activities in farming, oilseeds crushing, edible oils and grain origination, in addition to its sweeteners and starches business unit. ADM has had operations in Russia since 1980. With the launch of the new joint venture, ADM and Aston will partner to own and operate Aston subsidiary AKP, which includes a corn wet mill in Ibred, as well as a sales office in Moscow. Situated approximately 180 miles south east of Moscow, the Ibred plant is strategically located to serve major customers in the Russian food and beverage industry.