MAUMEE, Ohio, Oct. 13 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) and Marathon Oil Corporation (NYSE: MRO), through a wholly-
owned subsidiary, announced today that the companies have signed a
definitive agreement forming a 50/50 joint venture, which will construct
one or more ethanol plants. The joint venture will operate under the name
The Andersons Marathon Ethanol LLC.
As a part of the agreement, The Andersons will provide day-to-day
management of the ethanol plants, as well as corn origination, and
distillers dried grain and ethanol marketing services. Marathon is one of
the nation's leading blenders of ethanol in gasoline and this venture will
enable the Company to maintain the reliability of future ethanol supplies.
Site selection for the venture's initial plant is expected to be
finalized soon and is contingent upon several factors including access to
adequate corn, proximity to ethanol and distillers dried grain customers,
infrastructure and transportation and economic incentives. Decisions
related to the construction of any additional ethanol plants will be
dependent upon a variety of market conditions and other relevant factors.
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 seven U.S. states plus rail leasing interests in Canada
and Mexico. For more, visit The Andersons online at http://www.andersonsinc.com.
About Marathon Oil Corporation
Marathon is the fourth-largest U.S.-based fully integrated
international energy company engaged in exploration and production;
integrated gas; and refining, marketing and transportation operations.
Marathon is the fifth largest refiner in the U.S. with 974,000
barrels-per-day of crude processing capacity in its seven-refinery system.
The Company's retail marketing system comprises approximately 5,600
locations in 17 states; nearly three-quarters are Marathon brand locations.
Marathon serves the Midwest and Southeast as a petroleum products marketer
with 85 light product and asphalt terminals and access to approximately
7,700 miles of pipeline. For more information about Marathon, visit the
Company's Web site at http://www.marathon.com.
This release contains forward-looking statements with respect to a
50/50 joint venture that would construct and operate ethanol plants. Some
factors that could cause the actual results to be different than expected
include respective board approvals and any necessary regulatory approvals.
Additional factors that could affect ethanol plant construction, management
and development include transportation logistics, availability of materials
and labor, unforeseen hazards such as weather conditions, third party
consents and other risks customarily associated with construction projects.
The foregoing factors (among others) could cause actual results to differ
materially from those set forth in the forward-looking statements. In
accordance with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, each of Marathon Oil Corporation and The
Andersons, Inc. has included in its respective Annual Report on Form 10-K
for the year ended December 31, 2005, and subsequent Forms 10-Q and 8-K,
cautionary language identifying other important factors, though not
necessarily all such factors, that could cause future outcomes to differ
materially from those set forth in the forward- looking statements.
SOURCE The Andersons, Inc.
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Related links:
http://www.andersonsinc.com
http://www.marathon.com
CONTACT:
Gary L. Smith of The Andersons, Inc.,
+1-419-891-6417, or gary_smith@andersonsinc.com; or Linda Casey
of Marathon Petroleum Company LLC, +1-419-421-3262, or
lmcasey@marathonpetroleum.com
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