Ethanol Production Facility to Locate in Cass County, Indiana; Create 40-50 New Jobs
Oct 19, 2005
The Andersons, Inc.
"Creation of this plant is good news for Hoosiers and a great application of our Clean Indiana Energy policy," said Governor Daniels. "Not only are we expanding our already strong manufacturing base, but The Andersons Clymers Ethanol, LLC will add jobs, purchase raw materials from Hoosier farmers, and create a renewable fuel source that is less harmful on the environment. As we increase our production and consumption of renewable fuels like ethanol, the benefits to our economy and environment will grow exponentially."
This new facility will be capitalized by approximately $140 million in capital investment and create 40-50 new production jobs, in addition to roughly 250 construction positions.
With a planned annual capacity of 110 million gallons of ethanol and production of 350,000 tons of distillers dried grains for feed, the plant would be the largest and most modern east of the Mississippi River. The plant would process 40 million bushels of corn each year-primarily sourced from Cass and surrounding counties-significantly benefiting area farmers and agribusinesses.
"The long and friendly relationship with Cass County was a driver on our investment decision," said Mike Anderson, CEO of The Andersons. "We have supported that community, and they have long supported us. Ethanol is a natural extension of our business. The state of Indiana has implemented innovative programs to encourage renewable energy, and we are thrilled to be part of that progress."
The Andersons operates 13 agriculture related business units in 10 Indiana counties, including four grain terminals handling in excess of 50 million bushels of grain annually. Most state and local requirements are complete, and final permits are expected within 6 weeks. The project is subject to additional due diligence, to completion of financing arrangements, and to approval by the company's board of directors.
The Indiana Economic Development Corporation (IEDC), in partnership with Cass County, worked together to provide an incentive package that helped secure the ethanol plant.
The Andersons, Inc. is a diversified company with interests in the grain and plant nutrient sectors of U.S. agriculture, as well as in railcar marketing, industrial materials formulation, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company presently has operations in seven U.S. states plus rail equipment leasing interests in Canada and Mexico. Total revenues in 2004 were $1.3 billion. Visit The Andersons online at http://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. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct.
SOURCE: The Andersons, Inc.
CONTACT: Gary Smith, VP Finance & Treasurer of The Andersons, Inc.,
Web site: http://www.andersonsinc.com/