* ADM will invest $100 mln in Agricultural Bank of China
* Plans to open office in Beijing this year
* Names Roig head of its Asian business development
DETROIT, July 1 U.S. agricultural processor
Archer Daniels Midland Co (ADM.N) on Thursday said it will
invest $100 million in a Chinese bank and open an office in
Beijing as part of its goal to boost sales in China.
"China's agricultural market is growing in both supply and
demand and represents significant growth opportunities for
ADM," ADM Chief Executive Patricia Woertz said in a statement.
ADM said it will make the investment in Agricultural Bank
of China and signed an agreement on June 11 to advance
agricultural development and identify growth opportunities in
ADM said it will open an office in Beijing by the end of
the year, and has named Ismael Roig to lead the company's Asian
business as vice president and executive director of Asia
Roig, previously a vice president of planning and business
development, will report to John Rice, executive vice president
of Commercial and Production.
ADM already has a 16.4 percent stake in Asia's largest
agribusiness, Singapore's Wilmar International Ltd (WLIL.SI),
as well as two animal feed facilities in Tianjin and Dalian,
China, a sales and distribution office in Shanghai, a broker
services office in Hong Kong and a majority owned trading
business in Beijing.
(Reporting by Ben Klayman in Detroit, editing by Maureen