U.S. agricultural processor Archer Daniels Midland Co on Thursday said it will invest $100 million in a Chinese bank and open an office in Beijing as part of its goal to boost sales in China.
“China’s agricultural market is growing in both supply and demand and represents significant growth opportunities for ADM,” ADM Chief Executive Patricia Woertz said in a statement.
ADM said it will make the investment in Agricultural Bank of China and signed an agreement on June 11 to advance agricultural development and identify growth opportunities in the country.
ADM said it will open an office in Beijing by the end of the year, and has named Ismael Roig to lead the company’s Asian business as vice president and executive director of Asia Pacific.
Roig, previously a vice president of planning and business development, will report to John Rice, executive vice president of Commercial and Production.
ADM already has a 16.4 percent stake in Asia’s largest agribusiness, Singapore’s Wilmar International Ltd, as well as two animal feed facilities in Tianjin and Dalian, China, a sales and distribution office in Shanghai, a broker services office in Hong Kong and a majority owned trading business in Beijing.
