Archer Daniels Midland Company (NYSE: ADM) and Russia-based Aston Foods and Food Ingredients have successfully received all required regulatory approvals and launched their 50/50 joint venture to provide sweeteners and starches to customers in Russia. Effective from June 29, 2018, the joint venture will operate under the name AKP and will be managed as a standalone entity.

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.

“This investment is the latest in a series aimed at expanding ADM’s geographic footprint in regions of expected growth worldwide,” said Pierre Duprat, ADM President Europe, Middle East and Africa. “We’re pleased to continue diversification with the expansion of our sweeteners and starches capabilities into Russia. This is an exciting opportunity to bring together our experience and strengths to grow the jointly-owned corn business. With AKP, we are in an excellent position to serve our customers’ needs in Russia and meet anticipated growth in demand, both in the local market and globally”.