Agribusiness company Archer Daniels Midland Co expects to sell its global chocolate business by the end of the third quarter, its president said on Tuesday, after opting to hold onto its larger cocoa press business.
"We expect to have signed agreement by the end of the third quarter to sell our global chocolate business," said ADM President Juan Luciano on a conference call with analysts to discuss the Illinois-based company's second-quarter report.
The company reported higher-than-expected earnings of $533 million, or 81 cents per share, up from $223 million, or 34 cents a share a year earlier, citing strong U.S. exports and demand for ethanol.
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