UPDATE 1-ADM agrees to buy German chocolate firm Schokinag

NEW YORK, Jan 23 (Reuters) - Archer Daniels Midland Co (ADM.N) said on Friday it agreed to buy Europe's Schokinag-Schokolade-Industrie Herrmann GmBh & Co KG, to expand its reach in the global cocoa and chocolate business.

ADM, one of the largest U.S. food processors and ethanol producers, did not give financial terms of the deal, which is subject to antitrust approval.

ADM's cocoa and chocolate products include such brands as De Zaan, Ambrosia and Unicao.

Schokinag, which makes chocolate and cocoa powder, is headquartered in Mannheim, Germany.

"ADM's acquisition of Schokinag will strengthen our position in Europe, the world's largest chocolate market," said Scott Walker, managing director of ADM Cocoa International. (Reporting by Aarthi Sivaraman; editing by Jeffrey Benkoe)