MAUMEE, Ohio, Oct. 19 /PRNewswire-FirstCall/ -- The Andersons, Inc.
(Nasdaq: ANDE) today announced the selection of Clymers, Indiana as the site
for its proposed new corn ethanol plant with the support and assistance of the
state of Indiana through the Indiana Economic Development Corporation (IEDC)
and Cass County.
"Creation of this plant is good news for Hoosiers and a great application
of our Clean Indiana Energy policy," said Governor Daniels. "Not only are we
expanding our already strong manufacturing base, but The Andersons Clymers
Ethanol, LLC will add jobs, purchase raw materials from Hoosier farmers, and
create a renewable fuel source that is less harmful on the environment. As we
increase our production and consumption of renewable fuels like ethanol, the
benefits to our economy and environment will grow exponentially."
This new facility will be capitalized by approximately $140 million in
capital investment and create 40-50 new production jobs, in addition to
roughly 250 construction positions.
With a planned annual capacity of 110 million gallons of ethanol and
production of 350,000 tons of distillers dried grains for feed, the plant
would be the largest and most modern east of the Mississippi River. The plant
would process 40 million bushels of corn each year-primarily sourced from Cass
and surrounding counties-significantly benefiting area farmers and
agribusinesses.
"The long and friendly relationship with Cass County was a driver on our
investment decision," said Mike Anderson, CEO of The Andersons. "We have
supported that community, and they have long supported us. Ethanol is a
natural extension of our business. The state of Indiana has implemented
innovative programs to encourage renewable energy, and we are thrilled to be
part of that progress."
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. Most state and local requirements are complete, and
final permits are expected within 6 weeks. The project is subject to
additional due diligence, to completion of financing arrangements, and to
approval by the company's board of directors.
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, 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. Total revenues in 2004 were $1.3 billion.
Visit The Andersons online 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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