The Andersons Signs Contingent Purchase Agreement with Farmers Elevator Company of Oakville

PRNewswire-FirstCall
MAUMEE, Ohio
Oct 9, 2003

The Andersons, Inc. today announced that it has signed a lease/purchase agreement with Farmers Elevator Company of Oakville, Inc. Under the terms of the agreement, The Andersons will purchase certain inventories and will lease real and personal property from Farmers Elevator Company of Oakville. Pending the completion of due diligence and approval by the boards of both companies, Andersons will finalize the purchase of real estate and personal property. Purchase price and other terms of the purchase agreement are not being disclosed by The Andersons. The transaction is expected to be finalized in December. Effective October 1, The Andersons, Inc. began operating the Farmers Elevator Company of Oakville facility.

According to Mike Anderson, President and CEO of The Andersons, Inc., the Central Indiana facility is an important opportunity for the company. "First, Farmers Elevator Company of Oakville joins our nine existing Indiana facilities and allows us to extend our products and services to producers within a key agricultural region. Second, it allows us to leverage the expertise already in place at our Dunkirk, Indiana facility to manage Farmers Elevator Company of Oakville. And finally, it fits well with our company's existing agricultural competencies. We look forward to a good working relationship with producers in the area."

About Farmers Elevator Company of Oakville, Inc.

Farmers Elevator Company began operation in 1919 as a domestic agricultural co-op. In 2002 the company's grain storage capacity was 3.4 million bushels and its revenues were approximately $30 million. The facility is located in Oakville, Indiana, and serves Delaware, Henry and Randolph counties.

About The Andersons, Inc.

The Andersons, Inc. is a regional grain merchandiser with diversified businesses in agriculture, plant nutrient distribution, turf product production, railcar marketing and general merchandise retailing that generates revenues of approximately $1.1 billion per year. Founded in 1947, the company maintains grain and distribution/production facilities throughout the Midwest and six retail consumer stores in northwestern and central Ohio. The Andersons' corporate headquarters is located in Maumee, Ohio. 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. Without limitation, these risks include 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.

SOURCE: The Andersons, Inc.

CONTACT: Gary Smith, Vice President, Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or email, gary_smith@andersonsinc.com


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