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ADM Closing North Dakota Ethanol Plant, Citing Location

DOW JONES NEWSWIRES Archer Daniels Midland Co. (ADM) will close a North Dakota ethanol plant in April, the company said Monday. ADM is closing the plant, in Walhalla, N.D., "because its geographic location and scale made it difficult to compete in the marketplace," the company said in a statement. It said returns at the plant weren't sufficient. The plant had an annual capacity of 30 million gallons per year, a small amount versus the 1.72 billion gallons of capacity the company will continue to have after the closure. The closure will affect 61 employees. ADM said it will offer severance packages and that employees may have opportunities to apply for jobs at other company facilities. ADM announced in January it would cut about 1,000 employees, or about 3% of its workforce. ADM and other grain merchandisers have struggled in recent months with poor oilseed processing margins and volatile markets. CEO Patricia Woertz also noted in an earnings conference call last week that ethanol margins have struggled recently amid excess supplies, although the company signaled that it didn't plan significant production cuts in response. Closure of the plant won't affect ADM's ability to serve customers, the company said. ADM shares were recently down 0.5% to $29.41 a share. -By Ian Berry, Dow Jones Newswires' 312-750-4072; ian.berry@dowjones.com

Stock News for Archer Daniels (ADM)
DateTimeHeadline
12/15/201420:34:13Archer Daniels Midland to Sell Cocoa Business to Olam -- Update
12/15/201419:18:35Archer Daniels Midland to Sell Cocoa Business to Olam
12/03/201423:47:37ADM Plans to Increase Dividend Payout Ratio
11/19/201418:26:07ADM Sues Syngenta Over Genetically Engineered Corn -- Update
11/19/201416:16:14ADM Sues Syngenta Over Genetically Engineered Corn
11/04/201410:09:39MARKET SNAPSHOT: U.S. Stocks: Futures Tip South On EU Growth...
10/31/201418:01:16ADM's Golden Peanut Buys Pecan Processor Harrell Nut
10/16/201417:32:22North American 3Q Cocoa Grindings Rise to a Record 138,027 Tons
10/14/201406:42:50European 3Q 2014 Cocoa Grind Falls 1.1% on Year - ECA
08/05/201409:44:37U.S. Hot Stocks: Hot Stocks to Watch
08/05/201406:12:35MARKET SNAPSHOT: U.S. Markets: Futures Wait For Cues From Fresh...
07/09/201415:38:25Big Commodity Traders Gain Clout
07/07/201409:00:48U.S. Hot Stocks: Hot Stocks To Watch
07/07/201407:10:50MARKET SNAPSHOT: U.S. Stocks: Futures Down; ADM In $3 Billion...
07/07/201406:05:54MARKET SNAPSHOT: U.S. Stocks: Futures Slip; ADM In $3 Billion...
05/20/201409:03:11Malaysian Cocoa Processor JB Cocoa Sets Up Shop in the U.S.
05/01/201411:38:40Rising Grain Markets Swing Bunge to Loss -- Update
04/30/201417:35:27GRAIN HIGHLIGHTS: Top Stories of the Day
04/30/201417:22:05LIVESTOCK HIGHLIGHTS: Top Stories of the Day
04/29/201417:35:10MARKET SNAPSHOT: U.S. Stocks Rise As Risk Appetite Returns

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