Miller Magazine Issue: 117 September 2019

28 NEWS MILLER / SEPTEMBER 2019 Ardent Mills signs 25-year agreement with US Solar Olam reduces its offer for Dangote Flour from N130bn to N120bn Ardent Mills, the premier flour-milling and ingredient compa- ny, announced that it has signed a 25-year agreement with US Solar to purchase an expected 1.8 million kWh annually under a subscription plan supporting US Solar’s Goodhue County, Minnesota solar gardens. The subscription plan is expected to reduce energy costs at Ardent Mills’ Hastings Mill, the first operating mill in Minnesota. Although the solar gardens will not directly provide power to the Hastings Mill, Ardent Mills’ agreement to subscribe to these solar gardens is crucial in enabling the gardens to be built, bringing more solar energy onto the local electrical grid. Jeff Zyskowski, VP Supply Chain at Ardent Mills and the Senior Leadership Team sponsor regarding sustainability said, “Supporting renewable energy in any capacity is a priority for Ardent Mills and critical piece of our strategic plan for growth.” Ardent Mills is actively engaged in the pursuit of sustainability improvements to benefit communities, customers and con- sumers. The company is committed to being an industry leader in corporate responsibility in all aspects of operations, contin- uing the efforts established by the company’s legacy operations and parent companies. “Ardent Mills’ subscription is key to US Solar’s development of the solar gardens in Goodhue Coun- ty. These gardens will bring more clean, local solar energy onto the electric grid,” said Martin Mobley, US Solar CEO. Other subscribers to US Solar’s gardens include residents and public entities, including many Minnesota cities and schools. The first solar garden has started construction and is anticipated to be online later this year. “These projects are in line with our commitment to sustaina- ble energy and will further bolster the renewable energy market in Minnesota,” said Jeff Zyskowski, VP Supply Chain at Ardent Mills and the Senior Leadership Team sponsor regarding sus- tainability. “Supporting renewable energy in any capacity is a priority for Ardent Mills and critical piece of our strategic plan for growth.” Ardent Mills has built a team to conceptualize, re- search and implement projects that will make a positive environ- mental impact, including hiring a full-time Sustainability Lead, Phoenix Dugger. Olam International, a leading food and agri-business company, that previously showed interest in the acquisition of Dangote Flour Mill (DFM) has made a final offer of N120 billion. The transaction if successful will make DFM a com- pletely owned subsidiary of Olam International. Dangote Flour Mill, in a disclosure on the Nigeri- an stock market, by its secretary, Aisha Isa, announced the revised bidding of- fer. It said Olam, through its subsidiary Crown Flour Mills Ltd, has now submit- ted a revised offer with final considera- tion of N120 billion, amounting to N24 only per ordinary share following the adjustment. DFM had in April notified the Nigerian Stock Exchange (NSE), said Olam had offered to acquire its five billion shares was N130 billion. Olam, one of the world’s largest suppliers of cocoa beans and products, coffee, cotton, and rice, was founded in Ni- geria as an exporter of cashew nuts about 30 years ago. It has grown over time, operating in more than 60 countries with a market value of $4.5 billion. This deal is expected to enable Olam to build on a country workforce of almost 3,000 while tap- ping local demand for bakery, snacks and pasta products. The acquisition is also part of a strategic shift toward are- as that offer the most demand, includ- ing flour milling in West Africa. Nuts, cotton and tropical spices have also been earmarked for expansion, Olam said in January, while the company will exit commodities such as sugar and rubber.