MAUMEE, Ohio, Sept. 14 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) announced today the September 15th, 1:00 p.m., groundbreaking
for a 55 million gallon ethanol plant to be built at the site of its grain
terminal in Albion, Michigan. The ethanol plant will be owned and operated by
The Andersons Albion Ethanol LLC. The Andersons, Inc. is manager, and
together with 4 other investors, co-owner of The Andersons Albion Ethanol LLC.
The new facility is expected to be completed by September, 2006, and will
involve an aggregate investment of approximately $86.0 million. The designer
and general contractor will be ICM, Inc. of Colwich, KS, an industry leader in
ethanol technology and plant construction. Construction and term financing
will be provided by CoBank, ACB, Omaha, NB; Farm Credit Services of America,
Omaha, NB; Greenstone Farm Credit Services, East Lansing, MI; and Farm Credit
of Texas, Austin, TX.
Ethanol is a gasoline additive derived from corn, which the company
expects to market to gasoline blenders and refineries in the Great Lakes
region. Other co-products of the plant include distillers dried grains, an
animal feed ingredient, and carbon dioxide, which will be processed and packed
by a third party processor.
"We expect the construction process to employ approximately 250 people,
and the plant itself, once operational, to create approximately 33 full and
part-time jobs. It will provide an additional market for area corn growers,
and, as a renewable energy source, will help stretch the country's oil supply.
We are excited to be in the ethanol business, which we think fits very well
with our longstanding expertise in grain trading and storage, commodity risk
management, materials handling and rail transportation," said Mike Anderson,
President and CEO of The Andersons, Inc.
"We must also express our appreciation to the state, county and township
governing bodies, and their economic development units, for their strong
support of the project. It simply would not have gotten off the ground without
their cooperation," said Mr. Anderson.
"Promoting the development and use of alternative energies is vital to the
state's economic success in the 21st century," Governor Jennifer M. Granholm
said. "This new plant will turn an important agricultural resource into fuel
for Michigan's future, helping Michigan farmers while advancing the nation's
goal to become less dependent on foreign oil."
"As an automotive industry leader, we must take the lead in developing
alternative energy sources to fuel the state's economy into the 21st century,"
Michigan Economic Development Corporation President and CEO James Epolito
said. "The Andersons' new ethanol plant in Albion will convert one of
Michigan's most abundant resources into renewable energy, providing a new
market for our farmers and creating new jobs in the region."
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 seven U.S. states plus rail equipment leasing
interests in Canada and Mexico. The Andersons, Inc. is located on the
Internet at http://www.andersonsinc.com.
This release contains forward-looking statements. These statements involve
risks and uncertainties that could cause actual results to differ materially.
Without limitation, these risks include economic, weather and regulatory
conditions, competition, and the risk factors set forth from time to time in
the company's filings with the Securities and Exchange Commission. Although
the Company believes that the assumptions upon which its forward-looking
statements are based are reasonable, it can give no assurance that these
assumptions will prove to be correct.
SOURCE The Andersons, Inc.
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Related links:
http://www.andersonsinc.com
CONTACT:
Gary Smith, VP Finance & Treasurer of The
Andersons, Inc., +1-419-891-6417
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