Cargill buys German food company division

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.

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.