FEATURE: LUCIANO OUTLINES STRATEGY FOR GROWTH thoughtfully. That's why we have not bought large companies. :H¶UHEX\LQJVPDOOFRPSDQLHVWRWU\WRJHWVSHFL¿FDOO\ZKDW ZHQHHG:HZDQWWR¿OOJDSVWREHUHOHYDQWWRHDFKFXVWRPHU VHJPHQW6RZHEULQJVSHFL¿FSURGXFWV%XWZHKDYHFUHDWHG one of the broadest portfolios existing in the industry. And we feel very good about that." Luciano offered another reason why acquiring a large ingredient company may not be attractive to ADM. "The allure of a big ingredient company acquisition is norPDOO\FRVWV\QHUJLHV´KHVDLG³$WWKLVSRLQWLQWLPHEHFDXVH ZH¶UHEXLOGLQJWKHWHDPZH¶UHEXLOGLQJWKHJUHDWHVWLQJUHGLHQW company out there. We are in a stage of building capabilities. I'd rather take the small companies and add all those capabiliWLHV:HDUHYHU\SURXGRIZKDWZHKDYHDFKLHYHGEXW\RXKDYH WRXQGHUVWDQGRXWRI\HDUVLQ$'0ZH¶YHKDGDQLQJUHGLHQWVEXVLQHVVXQLWVLQFH-DQ6RZH¶YHPDGHDORWRI SURJUHVV:HDUHELOOLRQ:HORYHLWZH¶UHPDNLQJPRQH\ ZH¶UHJURZLQJ%XWZHDUHMXVWJHWWLQJVWDUWHG´ L. Joshua Sosland is editor of Milling & Baking News, sister publication of World Grain. He may be reached at jsosland@sosland.com. Chia, which is used in pudding, is one of many products manufactured by the company's ingredients business unit. We want to hear from you - Send comments and inquiries to worldgrain@sosland.com. For reprints of WG articles, e-mail reprints@sosland.com. For more information, see Page 98. 30 October 2016 / World Grain / www.World-Grain.comhttp://www.siwaco.com http://www.kjrolls.com http://www.ikjrolls.com http://www.World-Grain.com