MAUMEE, Ohio, April 1, 2016 /CNW/ -- The Andersons, Inc.
(Nasdaq: ANDE) announces it has signed an agreement to sell eight
of its facilities in Iowa to
MaxYield Cooperative of West Bend,
Iowa.
"We have referenced performance issues in our western grain
assets during several recent investor calls. We anticipate this
sale will improve our prospects and provide a pathway to
profitability for this area of our business," said CEO Pat Bowe. "We believe MaxYield will capably
continue to serve the needs of the growers in this region and make
good use of these assets in Iowa."
The Andersons acquired the eight grain and agronomy locations as
a part of its 2012 acquisition from Green Plains Grain Company. The
Tennessee assets acquired during
that same transaction will remain a part of The Andersons. This
transaction does not divest or otherwise involve the Company's
ethanol facility or recently-acquired Nutra-Flo facilities in
Iowa.
"We are excited about the opportunity to expand our presence in
an area already served by MaxYield," stated Howard Haas, MaxYield Cooperative board
chairman. "MaxYield currently has facilities in 17 rural
communities and has 1,700 members, many of which will have
increased access to grain, agricultural inputs and services as a
result of this transaction."
About The Andersons, Inc.
Founded in Maumee, Ohio, in 1947, The Andersons is a
diversified company rooted in agriculture conducting business
across North America in the grain,
ethanol, plant nutrient and rail sectors. The Company also has a
consumer retailing presence. For more information, visit The
Andersons online at www.andersonsinc.com.
About MaxYield Cooperative
MaxYield Cooperative is a
member-owned, fully diversified agricultural cooperative founded in
1915 and is headquartered in West Bend,
Iowa. The cooperative has 17 locations and three Cenex
convenience stores in Iowa.
MaxYield also provides grain origination and accounting services
for two Iowa feed mills. For more
information, visit MaxYield online at www.MaxYieldCoop.com.
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SOURCE The Andersons, Inc.