MAUMEE, Ohio, MAY 22 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) announced today it has recently signed a Letter of Intent to
purchase three pelleted lime production facilities in Ohio, Illinois and
Nebraska to expand the pelleted lime capabilities of its Plant Nutrient
Group.
The Andersons is pursuing the purchase of the Mineral Processing, Inc.,
in Carey, Ohio, the ASC Mineral processing in Fairmont, Ill., and the
Platte River Pelletizing in Weeping Water, Neb., all of which are owned and
operated by the Allen family of Allerton, Illinois.
"This acquisition will expand our service area, our production and
distribution capabilities and enable us to increase our service levels to
customers," explains CEO Mike Anderson. "The acquisition would make us the
largest producer of Pelleted Lime in North America."
The transaction is scheduled to close later this year, pending
completion of due diligence, approval of The Andersons board and selling
shareholders, negotiation of documents and any applicable regulatory
agencies.
"We are excited about what this transaction means to the future of
these operations," says Vicki Allen, a representative for the family
owners. "It is our sincere belief that The Andersons can carry on the dream
our family has spent more than two decades pursuing."
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 leasing and repair, turf products production, and general
merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now
has operations in 10 U.S. states and Puerto Rico, plus rail equipment
leasing interests in Canada and Mexico. For more information, visit The
Andersons online at http://www.andersonsinc.com
About Mineral Processing Companies
Mineral Processing Companies are comprised of three manufacturing,
packaging and distribution centers in Ohio, Illinois and Nebraska. The
facilities produce high calcium pelleted lime, high magnesium pelleted lime
and pelleted gypsum. Established two decades ago, the operations were among
the pioneers in the development of the pelleted lime production process. In
2007, the operations had revenues of more than $12 million and distributed
nearly 200,000 tons of product. For more information, visit Mineral
Processing Companies online at http://www.mineralprocess.com
SOURCE The Andersons, Inc.
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Related links:
http://www.andersonsinc.com
http://www.mineralprocess.com
CONTACT:
Gary L. Smith of The Andersons, Inc., VP,
Finance & Treasurer, +1-419-891-6417, gary_smith@andersonsinc.com
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