MINNETONKA, Minn., Sept. 9 (UPI) -- Giant U.S. agricultural processor Cargill Inc. will pay about $670 million for the food ingredients business of Germany's Degussa AG.
The deal comes about a year after the specialty chemical maker decided to unload its food ingredients business, American City Business Journals said Friday.
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That business makes flavors for drinks and candies, as well as food thickeners.
The acquisition is the largest for Minnetonka, Minn.-based Cargill, a privately held company, since its 2002 deal to buy French sweetner maker Cerestar for about $1.5 billion.
Cargill had about $71 billion in sales in its most recent fiscal year.