By Josh Beckerman
Golden Peanut Co., a unit of Archer Daniels Midland Co. (ADM),
is expanding its reach with the purchase of Georgia pecan processor
Harrell Nut Co.
The company is also changing its name to Golden Peanut and Tree
Nuts.
Golden Peanut, based in Alpharetta, Ga., said the move will help
reduce earnings volatility. A Friday statement from Golden Peanut
didn't mention terms of the deal.
The transaction marks Golden Peanut's entry into the U.S. pecan
market. Earlier this year, it bought a 50% stake of South African
Pecans.
Golden Peanut was formed in 1986. It eventually became a joint
venture between ADM and Alimenta (USA) Inc., before ADM bought
Alimenta in 2011 and became the full owner of the peanut
company.
Recent acquisitions in similar categories include TreeHouse
Foods Inc.'s (THS) July purchase of Flagstone Foods, a dried fruit,
trail mix and nut provider; and J.M Smucker Co.'s September deal
for Sahale Snacks Inc., a maker of nut and fruit snacks.
Write to Josh Beckerman at josh.beckerman@wsj.com
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