Lansing Grain Company, LLC, Acquires Idaho Facilities From General Mills

PRNewswire-FirstCall
OKEMOS, Mich.
Jul 13, 2004

Lansing Grain Company, LLC, today announced that it has finalized an agreement to purchase selected Idaho grain-handling facilities from General Mills . Lansing Grain, based in Okemos, Michigan, is an agricultural merchandising company with trading offices in Michigan, Minnesota and Kansas.

Under the terms of the purchase agreement, Lansing Grain will acquire grain-handling facilities in Bliss and Glenns Ferry, Idaho, and leasing rights to a third elevator located in Hansen, Idaho. Total capacity for the three locations is 1.9 million bushels. The elevators handle wheat, and merchandise corn and other commodities to area dairies and feedlots. The Bliss elevator, the largest of the three facilities, is a 100-car shuttle train shipper and receiver. Both the Bliss and Glenns Ferry elevators are served by the Union Pacific railroad.

According to Bill Krueger, President of Lansing Grain, "This is our first acquisition of a unit train elevator and will expand our western U.S. presence in both whole grains and feed ingredients. This milestone demonstrates Lansing Grain's commitment to continued growth."

The agreement was structured with the assistance of The Andersons, Inc., a minority investor in Lansing Grain.

About Lansing Grain Company, LLC

Lansing Grain Company formed a limited liability company with the Andersons, Inc. in January 2003 to create the Lansing Grain Company, LLC. Originally formed in Michigan in 1931, Lansing Grain continues to trade whole grains and feed ingredients into domestic markets. Current total revenues are approximately $800 million. The company maintains trading offices in Okemos, Michigan, Minneapolis and Kansas. Additional information is available online at http://www.lansinggrain.com/ .

SOURCE: Lansing Grain Company, LLC

CONTACT: Gary Smith, Vice President, Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or gary_smith@andersonsinc.com ; or
Bill Krueger, President of Lansing Grain Company, LLC, +1-800-227-8237, or
bkrueger@lansinggrain.com


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