Archer Daniels Midland Co. (ADM) may take advantage of the economic downturn to buy heavily discounted assets, Chief Financial Officer Steve Mills said Tuesday.

Potential deals could bring ADM into new business areas, like ocean-shipping.

"We believe that the current economic downturn may provide us with opportunities to grow our global footprint in an economic way," he said, addressing the annual conference of the Consumer Analyst Group of New York, in Boca Raton, Fla.

ADM, a large user of ocean freight, has opted not to own its own fleet of ocean-faring ships in the past. The company is analyzing the possible purchase of a small fleet, Mills said.

ADM also has the opportunity to buy assets in its established businesses at a fraction of their full value, Mills said. He noted that many U.S. corn-based ethanol plants are currently distressed, but said ADM sees long-term value in producing the fuel.

Acquisitions in any part of ADM's business would be based on the idea that global agribusiness will become increasingly profitable as the economy improves.

"It's not about meeting this quarter or this month, but about meeting longer-term demand at an absolutely great price," said Chief Executive Patricia Woertz, speaking at the conference.

-By Jessica Resnick-Ault, Dow Jones Newswires, 201-938-4435; jessica.resnick-ault@dowjones.com