Three food industry giants have agreed to form a new joint venture to create a premier flour milling business. Cargill, CHS and ConAgra foods announced an agreement to combine their North American flour milling businesses to form Ardent Mills, a new flour milling business that will serve customers in the baking and food industries.
Ardent Mills will combine ConAgra Mills and Horizon Milling, a Cargill-CHS joint venture that was formed in 2002. The new joint venture will operate independently of its parent companies Omaha, Neb.-based ConAgra Foods, Minnetonka-based Cargill Inc., and Inver Grove Heights-based CHS.
ConAgra and Cargill will each own a 44 percent stake in the new company and and CHS will own 12 percent.
The headquarters for Ardent Mills will be determined at a later date but the new company will be headed by Dan Dye, who currently serves as president and CEO of Horizon Milling, and Bill Stoufer, current president of ConAgra Mills, who will serve as Ardent Mills chief operating officer.
The company's combined operations will include 44 flour mills, three bakery mix facilities and a specialty bakery all located in the U.S., Canada and Puerto Rico.
The new company will be a multi-billion dollar organization. Sales for ConAgra Mills, which is part of ConAgra Foods Commercial Foods segment, were approximately $1.8 billion in its last fiscal year and sales of Horizon Milling were approximately $2.5 billion.
The formation of Ardent Mills is expected to be completed later this year.
Most Popular Stories
- James Foley Beheading Video Is Real Thing: White House
- McDonald's Packages Coffee for National Distribution
- Apple Stock Bounces Back Big Time
- Faith Groups Divest From Fossil Fuels
- Notes From the July FOMC Meeting
- Castro-Blanco Joins Fifth Street Finance Board
- Honda's Safe Approach Pays Off in Sales
- Ballmer Steps Down From Microsoft Board
- GE Healthcare Bringing Jobs to Massachusetts
- Target Slashes Annual Profit Outlook