MAUMEE, Ohio, Oct. 8, 2014 /CNW/ -- The Andersons, Inc.
(Nasdaq: ANDE) announces today its purchase of Auburn Bean and
Grain of Auburn, Michigan. The
purchase includes six grain and four agronomy assets of the company
located throughout north central Michigan.
"This acquisition provides an increase in our storage capacity
and volume for both our grain and nutrient businesses, and it also
represents a nice geographic fit between our other Michigan assets and our Thompsons joint
venture in Ontario," says CEO
Mike Anderson. "As a family-owned
business with a history of nearly 100 years Auburn Bean and Grain
is an excellent cultural fit, especially with our similar
philosophies in providing exceptional customer service."
Clifford Vennix, Chairman and CEO
of Auburn Bean and Grain, adds, "We believe The Andersons is best
suited to continue our legacy of service and excellence into the
future. We know they will bring added opportunity to our customers
and employees."
With this transaction, The Andersons will acquire a total of six
grain and four agronomy assets, with a combined grain storage
capacity of about 18.1 million bushels, 16,000 tons of dry and 3.7
million gallons of liquid nutrient capacity and more than 80
employees. The facilities have multiple rail interchange agreements
in place with all of the eastern Class I railroads CSX, NS and
CN.
"Through this acquisition we will increase the storage capacity
of our Grain Group by about 13 percent and further enhance our
presence in one of our core states, Michigan," says Anderson.
About The Andersons, Inc.
The Andersons, Inc. is a diversified company rooted in
agriculture. Founded in Maumee,
Ohio, in 1947, the company conducts business across
North America in the grain,
ethanol, and plant nutrient sectors, railcar leasing, turf and cob
products, and consumer retailing. For more information, visit The
Andersons online at www.andersonsinc.com.
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SOURCE The Andersons, Inc.