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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
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
04/29/201413:08:06MARKET SNAPSHOT: U.S. Stocks Rise; Dow Sees Triple-digit Gain
04/29/201412:13:55Archer Daniels Midland's Profit Slips -- Update
04/29/201410:42:56MARKET SNAPSHOT: U.S. Stocks Rise; Merck, Sprint Rally On Results
04/15/201414:10:29Mosaic to Buy Archer Daniels Fertilizer Business
04/15/201413:41:48Mosaic to Buy Archer Daniels Midland Fertilizer Business in Brazil...
04/10/201404:53:37European First-Quarter Cocoa Grind Up 0.4% On Year
03/03/201414:19:17ADM Says No Significant Business Impact From Ukraine Turmoil
02/25/201412:30:14Archer Daniels Midland Promotes Luciano to President
02/04/201417:25:41MARKET SNAPSHOT: U.S. Stocks Rise; Michael Kors, Yum Brands Climb

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