The addition of Wild Flavors will give the Archer Daniels Midland Co. greater access to the European marketplace and to the beverage category. In addition, it will add a key element to its product development portfolio – taste.

“Taste is king,” declared Patricia Woertz, chairman and chief executive officer of ADM, in a July 7 conference call with financial analysts to discuss the proposed acquisition. “It remains the biggest driver of food and beverage buying decisions, even more so than price. So with this acquisition of Wild Flavors, we are adding taste to that platform and we will be able to offer a complete food system to our customers to help them formulate or enhance their product.”

ADM said earlier in the day it had reached an agreement to acquire Wild Flavors, Zug, Switzerland, in an all-cash transaction valued at approximately €2.3 billion ($3.1 billion). As part of the deal, ADM will pay €2.2 billion to Wild Flavors shareholders Hans-Peter Wild and funds affiliated with Kohlberg Kravis Roberts & Co. L.P., and assume approximately €0.1 billion of net debt. The transaction is contingent on regulatory approvals and is expected to close by the end of the year.