France's Malteurop Says Buys ADM's Malting Unit

French malting group Malteurop said on Friday it had bought the malting division of U.S. agriculture giant Archer Daniels Midland for an undisclosed sum.

Malteurop, which is controlled by the French farm cooperative group Champagne Cereales, and ADM Malting both specialise in processing barley into malt, which in turn is a key ingredient of beer and some other beverages.

"This operation assures Malteurop of the leading position in the malt industry worldwide, with a strong presence on the three leading beer markets," Malteurop said in a statement.

It added that it would also make it the biggest supplier of malt to international brewers. The French group is currently the number three malt producer worldwide, with a production of 1.2 million tonnes and sales of 407 million euros ($633.7 million), Malteurop said.

ADM Malting produces 742,000 tonnes of malt, Malteurop said.