Roquette has agreed to acquire 100% of Sethness Products Company, which is headquartered in Illinois but also has manufacturing sites in France, India and China.
The deal was built on two joint ventures shared by the company, in France and China. It is expected to be completed by September.
A family business founded in 1880, Sethness is focused solely on the production of caramel colour in liquid and powdered form.
It also offers a variety of clean-label caramel colour options, including non-genetically modified, certified organic, gluten-free and allergen-free.
Jean-Marc Gilson, chief executive of Roquette, said: “This acquisition will help accelerate Roquette’s growth plan in the food and beverage market, and further drive value for our customers.
“We have been very happy to successfully partner with Sethness in France and China for years. We are looking forward to working with its talented teams to continue addressing customers’ current and future needs everywhere in the world.”
Sethness family representative Chuck Sethness said: “Today is an important day in our long history. Over the past 135 years, our family-owned company has strived to offer the highest-quality caramel colour products to the most recognised players in the food and beverage industry.
‘We share common values’
I am pleased that Roquette, a group with which we share common values and a long-term vision, will now continue to leverage on the strong assets of both companies to reinforce its relationships with clients for the benefit of consumers globally.”
Meanwhile, ingredients firms Archer Daniels Midland (ADM) and Cargill have created a joint venture to provide soybean meal and oil for customers in Egypt.
The new company, SoyVen is 50% owned by both companies and will function as an independent entity.
ADM has also formally launched a joint venture with Russia-based Aston Foods and Food Ingredients to provide sweeteners and starches to customers in the country.
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.