Cargill to acquire Diamond V

Cedar Rapids - Another Cedar Rapids-based company will be acquired.

Cargill announced Tuesday that it plans to acquire animal nutrition company Diamond V for an undisclosed amount.

The acquisition is expected to close in January 2018, subject to regulatory approvals.

Under the deal, Cargill will purchase all of Diamond V, including its human health business, Embria Health Sciences.

'I am excited about what Diamond V and Cargill can accomplish together,” Diamond V President and CEO Jeff Cannon said in a statement. 'This acquisition is an investment in the well-being of animals - and ultimately, in people.”

Diamond V's headquarters, 2525 60th Ave. SW, will stay in Cedar Rapids and 'be the platform for future investments” in animal food production, the companies said in a news release. In addition to its corporate home, Diamond V has two production plants in the city.

Diamond V is currently building a $28 million expansion of its manufacturing plant in southwest Cedar Rapids, with construction expected to finish in June 2018. The state provided the company more than $1.9 million in tax incentives for the project.

Tim Loesch, a spokesman for Cargill, said the companies 'do not see any job loss at this time” due to the acquisition.

'The addition of Diamond V is designed to fuel accelerated growth and create opportunities for our people,” Loesch said in an email.

Privately owned Diamond V has about 130 employees in Cedar Rapids and 300 globally, spokesman Mike Wright said. It will maintain its leadership and name after the acquisition, Loesch said.

Wayzata, Minn.-based Cargill, also privately owned, already has a significant presence in Cedar Rapids, with a large corn milling plant in the southeast quadrant and two soybean processing facilities. It employs about 350 people in Cedar Rapids.

The Diamond V announcement follows at least two other recently announced planned acquisitions of companies based in Cedar Rapids.

Last week, manufacturer Apache Inc. announced it would be purchased by Motion Industries out of Alabama. And last month United Technologies Corp. said it plans to acquire Rockwell Collins in a deal valued at $23 billion before debt.

l Comments: (319) 398-8366; matthew.patane@thegazette.com