Construction to Begin on Clymers Ethanol Plant
Feb 23, 2006
The Andersons, Inc.
The ethanol plant will be owned and operated by The Andersons Clymers Ethanol LLC. The Andersons, Inc. will be the manager, and together with seven other investors, co-owner of The Andersons Clymers Ethanol LLC. The designer and general contractor will be ICM, Inc. of Colwich, Kan., an industry leader in ethanol technology and plant construction. Construction and term financing will be provided by CoBank, FCSA, Greenstone, Mid-America, Bank of the West, MetLife, Northwest Farm Credit, Western New York Farm Credit and Pioneer Farm Credit.
"This is a major project for the company," described President and CEO Mike Anderson. "The demand for ethanol is expected to increase from less than two billion gallons in 2002 to over seven billion gallons by 2012. The Clymers ethanol plant will be strategically located next to our existing grain facility with access to an abundant amount of corn, utilities and transportation infrastructure."
With completion expected in the first quarter of 2007, the Clymers plant will produce 110 million gallons of ethanol -- a gasoline additive derived from corn -- each year, as well as 350,000 tons of distillers dried grains, an animal feed ingredient.
"We expect this plant will process 40 million bushels of corn each year, primarily sourced from Cass and surrounding counties, significantly benefiting area farmers and agribusinesses," says Neill McKinstray, Vice President & General Manager - Ethanol, a business unit of the Grain Division. "In addition to creating between 40 and 50 new jobs, the construction project is expected to bring significant dollars into the community as well."
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 operates 13 agriculture related business units in 10 Indiana counties, including four grain terminals handling in excess of 50 million bushels of grain annually.
The Andersons also has a 44 percent equity stake in The Andersons Albion Ethanol LLC in Albion, Mich. and an 8 percent equity position in Iroquois Bio- Energy Company, LLC in Rensselaer, Ind. Both of these plants are under construction and are expected to begin producing ethanol in 2006. The Albion and Rensselaer plants will have 55 million gallons and 40 million gallons of ethanol production capacity, respectively.
About The Andersons, Inc.
The Andersons, Inc. is a diversified company with interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar marketing, industrial products formulation, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company now has operations in seven U.S. states plus rail equipment leasing interests in Canada and Mexico. For more, visit The Andersons online at www.andersonsinc.com.
SOURCE: The Andersons, Inc.
CONTACT: Gary L. Smith, VP, Finance & Treasurer of The Andersons, Inc.,
Web site: http://www.andersonsinc.com/