MAUMEE, Ohio, Feb. 23 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) today announced it will immediately begin construction on the
largest, dry-mill ethanol plant east of the Mississippi in Clymers, Ind.,
having completed funding arrangements and obtained environmental permits.
The ethanol plant will be owned and operated by The Andersons Clymers
Ethanol LLC. The Andersons, Inc. will be the manager, and together with seven
other investors, co-owner of The Andersons Clymers Ethanol LLC. The designer
and general contractor will be ICM, Inc. of Colwich, Kan., an industry leader
in ethanol technology and plant construction. Construction and term financing
will be provided by CoBank, FCSA, Greenstone, Mid-America, Bank of the West,
MetLife, Northwest Farm Credit, Western New York Farm Credit and Pioneer Farm
Credit.
"This is a major project for the company," described President and CEO
Mike Anderson. "The demand for ethanol is expected to increase from less than
two billion gallons in 2002 to over seven billion gallons by 2012. The Clymers
ethanol plant will be strategically located next to our existing grain
facility with access to an abundant amount of corn, utilities and
transportation infrastructure."
With completion expected in the first quarter of 2007, the Clymers plant
will produce 110 million gallons of ethanol -- a gasoline additive derived
from corn -- each year, as well as 350,000 tons of distillers dried grains, an
animal feed ingredient.
"We expect this plant will process 40 million bushels of corn each year,
primarily sourced from Cass and surrounding counties, significantly benefiting
area farmers and agribusinesses," says Neill McKinstray, Vice President &
General Manager - Ethanol, a business unit of the Grain Division. "In addition
to creating between 40 and 50 new jobs, the construction project is expected
to bring significant dollars into the community as well."
The Indiana Economic Development Corporation (IEDC), in partnership with
Cass County, worked together to provide an incentive package that helped
secure the ethanol plant. The Andersons operates 13 agriculture related
business units in 10 Indiana counties, including four grain terminals handling
in excess of 50 million bushels of grain annually.
The Andersons also has a 44 percent equity stake in The Andersons Albion
Ethanol LLC in Albion, Mich. and an 8 percent equity position in Iroquois Bio-
Energy Company, LLC in Rensselaer, Ind. Both of these plants are under
construction and are expected to begin producing ethanol in 2006. The Albion
and Rensselaer plants will have 55 million gallons and 40 million gallons of
ethanol production capacity, respectively.
About The Andersons, Inc.
The Andersons, Inc. is a diversified company with interests in the grain,
ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar
marketing, industrial products formulation, turf products production, and
general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company
now has operations in seven U.S. states plus rail equipment leasing interests
in Canada and Mexico. For more, visit The Andersons online at
http://www.andersonsinc.com.
SOURCE The Andersons, Inc.
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Related links:
http://www.andersonsinc.com
CONTACT:
Gary L. Smith, VP, Finance & Treasurer of The
Andersons, Inc., +1-419-891-6417, or gary_smith@andersonsinc.com
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