MAUMEE, Ohio, March 30 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) today announced it has completed the acquisition of 1,180 rail
cars to be added to the assets of the Rail Group. Terms of the purchase were
not disclosed.
The company also announced it has finalized a $1 million investment in
Iroquois Bio-Energy Company, LLC (IBEC) in Rensselaer, Indiana. The
Andersons' Grain Division is under contract to provide grain origination
services to the IBEC facility.
The 1,180 rail car purchase boosts the inventory owned or managed by the
Rail Group to 15,980, which is an 8% increase from the year-end high of 14,800
cars. The group also controls more than 115 locomotives. The purchase adds a
variety of car types and lease arrangements to the Rail Group's current
portfolio. The Andersons Rail Group is among the top 10 rail management
companies serving the North American market. In addition to providing leasing
and management services, the group also repairs/reconfigures cars to customer
specifications at its repair facilities in Ohio and South Carolina, and
operates a steel-fabrication business in Ohio.
"Both these investment opportunities fit well with our strategic
initiatives," said Mike Anderson, the company's President and CEO. "Growing
our rail car inventory is consistent with our goal of becoming the total rail
solutions provider for our customers, while the IBEC investment supports our
interest in the growing ethanol industry."
About The Andersons, Inc.
The Andersons, Inc. is a diversified company with interests in the grain
and plant nutrient sectors of U.S. agriculture, as well as in railcar
marketing, industrial materials formulation, turf products production, and
general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company
presently has operations in six U.S. states plus rail equipment leasing
interests in Canada and Mexico. Total revenues in 2004 exceeded $1.3 billion.
SOURCE The Andersons, Inc.
 back to top
Related links:
http://www.andersonsinc.com
CONTACT:
Gary Smith, Vice President, Finance and
Treasurer of The Andersons, Inc., +1-419-891-6417, or
gary_smith@andersonsinc.com
|
