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On September 2, 2014, firm client Archer Daniels Midland Company announced its agreement to sell its global chocolate business to Cargill for $440 million, subject to a customary working-capital adjustment. The proposed sale is expected to close during the first half of 2015, subject to regulatory approval and other customary conditions. Jenner & Block is representing ADM in the transaction.
Included in the sale are chocolate manufacturing operations located in Hazleton, Pennsylvania; Milwaukee, Wisconsin; Georgetown, Ontario; Liverpool, U.K.; Manage, Belgium; and Mannheim, Germany. Approximately 700 employees will transfer to Cargill with the sale. ADM supplies customers around the world with its cocoa ingredients from the company’s cocoa operations in Mississauga, Ontario; Koog aan de Zaan and Wormer, Netherlands; Mannheim, Germany; Ilhéus, Brazil; Abidjan, Côte d'Ivoire; Kumasi, Ghana; and Singapore. With more than 270 processing plants, 470 crop procurement facilities, and the world’s premier crop transportation network, ADM helps connect the harvest to the home in more than 140 countries.
The Jenner & Block team representing ADM includes Partners Joseph P. Gromacki, Mercedes M. Hill and Peter H. Rosenbaum; Associates Matthew R. Kopp, Tamara T. McClatchey, Christopher J. Fisher, Benjamin Joseph Sauer and Stephen M. Woodcock. Partner Adam Petravicius assisted on intellectual property matters; Partner S. Tony Ling on employee benefits matters; Partner Geoffrey M. Davis and Associate Leah G. Beitner on tax matters; Partner Donald I. Resnick, Of Counsel Vito M. Pacione and Associate Kristen M. Boike on real estate matters; and Partner E. Lynn Grayson and Associate Genevieve J. Essig on environmental matters.