The Andersons, Inc. Establishes Rail Group

PRNewswire
MAUMEE, Ohio
Oct 13, 2000

The Andersons, Inc. announced today that it has changed the name of the Manufacturing Group to the Rail Group to more accurately reflect its business of buying, selling, leasing, managing, and repairing all types of railroad rolling stock.

The Rail Group controls a fleet of more than 4,850 cars and locomotives in use throughout the United States and Canada, including box cars, coal cars, covered hoppers, gondolas, grain cars, and plastic pellet cars. Equipment is leased to shippers, railroads, and fleet owners across a wide range of industries to serve spot needs as well as long-term commitments.

The group also operates a twin-track shop, certified by the Association of American Railroads, that repairs, refurbishes, and reconfigures various types of railcars to meet customer specifications.

"This name change will allow us to better market the expertise that we have built in more than 50 years of maintaining and managing our own fleet of cars as well as being a major shipper of grain," said Mike Anderson, president and chief executive officer of The Andersons, Inc. "It will help us continue to profitably build our fleet, diversifying it in terms of lease duration, car types, industries, customers, and geographic dispersion."

Sales, revenues, and operating income for the rail marketing and repair business have grown in each of the last five years, making it a significant contributor to the company's bottom line.

The Andersons, Inc. is a respected leader and dominant regional player in grain merchandising. Its strong position in this basic business has allowed the company to diversify into other agribusiness operations, railcar leasing, turf care product manufacturing and distribution, and general merchandise retailing. The company has been in operation since 1947.

SOURCE: The Andersons, Inc.

Contact: Gary Smith, Vice President of Finance and Treasurer of The
Andersons, 419-891-6417, or [email protected]


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