Archer Daniels Midland Company (ADM) said it agreed to sell its fertilizer business in Brazil and Paraguay to The Mosaic Company (MOS) for $350 million and said it also plans to sell its chocolate unit in part of an ongoing process to streamline its business portfolio.
The company also said Tuesday that it will buy the remaining 20% minority stake of Alfred C. Toepfer International for 83 million euros ($11.4 million), representing about 1.1x net book value. Toepfer is a German merchandiser of agricultural commodities.
As part of the fertilizer transaction, ADM said it will purchase fertilizer from Mosaic after the closing and will continue to supply certain fertilizer customers in Brazil and Paraguay.
ADM shares were recently down 1.3% at $44.09.