The Andersons, Inc. and Lansing Grain Company to Form Limited Liability Corporation

PRNewswire-FirstCall
MAUMEE, Ohio
Oct 21, 2002

The Andersons, Inc. , has signed a letter of intent to form a Limited Liability Company (LLC) with Lansing Grain Company. The Andersons, a prominent regional player in grain merchandising, will be a minority investor in the LLC. Lansing Grain Company has agreed to contribute substantially all of its assets into the LLC. Lansing Grain Company is an independently owned ag- merchandising company with trading offices in Okemos, Michigan, Minneapolis and Kansas City. Lansing Grain Company trades wheat, corn, feed ingredients, and other grains/oilseeds.

The new venture affords both organizations a platform from which to launch future growth initiatives. The Andersons expects to gain significant market knowledge and to expand its trading area outside the eastern corn belt, while the Lansing Grain Company anticipates enhancing its growth opportunities.

"The value of this relationship lies in merging the expertise in our two companies into one collective knowledge base," explained Mike Anderson, The Andersons' President and CEO. "The expanded market synergies both companies will gain, as well as the additional trading and arbitrage opportunities, are substantial."

"Our growth has always been focused on doing what's right for our customers," noted Bill Krueger, Chief Operating Officer of the Lansing Grain Company. "Our partnership with The Andersons fits well with this strategy."

About Lansing Grain Company

Lansing Grain Company, a privately owned firm, was formed in 1931. The current ownership group has grown Lansing into a national trading company. The company trades whole grains and feed ingredients into U.S. domestic markets. Current annual revenues are approximately $500 million. Corporate headquarters are in Okemos, Michigan and trading operations are directed from the Overland Park, Kansas office. Additional information is available online at www.lansinggrain.com .

About The Andersons, Inc.

The Andersons, Inc. , headquartered in Maumee, has been in operation since 1947. The Andersons is a respected leader and prominent player in grain merchandising and wholesale fertilizer distribution in the eastern Corn Belt. 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. Additional information is available online at www.andersonsinc.com .

This release contains forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially, including, without limitation, economic, weather and regulatory conditions, competition, and the risk factors set forth from time to time in the company's filings with the Securities and Exchange Commission.

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SOURCE: The Andersons, Inc.

CONTACT: Gary Smith, Vice President Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or [email protected]; or Dale
Mayhew, CEO and President of Lansing Grain Company, +1-800-248-6442, or
[email protected]


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