ADM, Alltech plan North American animal feed joint venture

ADM and Alltech have entered a definitive agreement to form a North American animal feed joint venture, set to launch in the first quarter of 2026. The venture will combine ADM's 11 U.S. feed mills with Alltech's 18 U.S. and 15 Canadian feed mills from its Hubbard Feeds and Masterfeeds businesses, respectively. The joint venture will be majority-owned by Alltech but governed by a board with equal representation from both companies. This partnership aims to leverage the companies' extensive manufacturing capabilities, nutrition science expertise, and complementary product portfolios to better serve the evolving animal nutrition industry, supporting various livestock, equine, backyard, and leisure animals. Both ADM and Alltech will retain certain business units that will continue to partner and supply the joint venture, enhancing its operational capabilities without materially affecting ADM's 2025 financial results. The collaboration reflects a strategic move by ADM to focus on higher-margin specialty ingredients and optimize its portfolio in response to growing global population demands.