ADM and Alltech form North American animal feed JV; ADM contributes 11 mills, Alltech 33 mills, launch Q1 2026

Archer-Daniels-Midland Co

Alltech will contribute Hubbard Feeds (18 US mills) and Masterfeeds (15 Canada mills); ADM contributes 11 US feed mills.
JV will be majority-owned by Alltech with equal board representation; ADM to deconsolidate complete feed business.
Transaction expected to close and JV launch in Q1 2026; no material impact on ADM's 2025 results.
ADM's Nutrition segment plans to focus on higher-margin specialty ingredients; retains premix and additive businesses.
Alltech retains Ridley Block Operations and specialty ingredients; both parents will be suppliers to JV.

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