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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
02/11/201618:09:13Amended Statement of Changes in Beneficial Ownership (4/a)
02/11/201614:19:00Bunge Looking to Cut Costs as Revenue Slides
02/10/201614:43:48Amended Statement of Ownership (sc 13g/a)
02/08/201614:35:45Statement of Changes in Beneficial Ownership (4)
02/08/201608:51:00ADM Further Expands Global Sweetener Footprint With Purchase...
02/05/201615:59:26Statement of Changes in Beneficial Ownership (4)
02/05/201615:59:26Statement of Changes in Beneficial Ownership (4)
02/05/201615:59:26Statement of Changes in Beneficial Ownership (4)
02/05/201615:58:58Statement of Changes in Beneficial Ownership (4)
02/05/201615:58:58Statement of Changes in Beneficial Ownership (4)
02/05/201615:58:58Statement of Changes in Beneficial Ownership (4)
02/05/201615:58:58Statement of Changes in Beneficial Ownership (4)
02/05/201614:58:43Statement of Changes in Beneficial Ownership (4)
02/02/201613:18:00Archer Daniels Midland Misses Revenue, Profit Expectations...
02/02/201611:54:43Statement of Ownership (sc 13g)
02/02/201610:45:55Current Report Filing (8-k)
02/02/201610:19:00ADM Enhances Plant Protein, Gluten-Free Ingredient Portfolio...
02/02/201609:50:00Archer Daniels Midland Misses Revenue, Profit Expectations
02/02/201609:01:00Archer Daniels Midland Misses Revenue, Profit Expectations
02/02/201607:00:00ADM Reports Fourth Quarter Adjusted Earnings of $0.61 per Share

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