The Andersons, Inc. Announces Public Offering of Common Stock

PRNewswire-FirstCall
MAUMEE, Ohio
Jun 29, 2006

The Andersons, Inc. (the "Company") today announced that it has filed a registration statement with the Securities and Exchange Commission relating to a proposed public offering of 2.28 million shares of its common stock, of which 2 million shares are proposed to be sold by the Company and 280,000 shares are proposed to be sold by certain selling shareholders named in the prospectus.

The underwriters will have the option to purchase up to an additional 342,000 shares of common stock from the Company to cover over-allotments, if any. The Company will not receive any proceeds from the sale of the shares by the selling shareholders. The Company intends to use net proceeds received by it from the offering for investments in the ethanol industry, including in additional plants, as well as investments in additional railcar assets and for general corporate purposes.

BB&T Capital Markets and Piper Jaffray & Co. will serve as joint book- running managers of the offering. Stephens Inc. and Stifel, Nicolaus & Company will serve as co-managers.

When available, a copy of the prospectus relating to this offering may be obtained by contacting BB&T Capital Markets, Attention: Liz Smith, Syndicate, 909 E. Main Street, Richmond, VA 23219, Telephone (804) 780-3283; or by contacting Piper Jaffray & Co., Attention: Equity Capital Markets, 800 Nicollet Mall, Minneapolis, MN 55402, Telephone (877) 371-5212.

A registration statement on Form S-3 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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 leasing and repair, 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 leasing interests in Canada and Mexico. For more, visit The Andersons online at http://www.andersonsinc.com/.

As of the close of business on June 29, 2006, there are approximately 15.2 million shares of the Company's common stock outstanding as a result of a two- for-one stock split that became effective on June 28, 2006.

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 the risk that the offering discussed herein may not occur, 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, including the registration statement relating to the offering. Although the Company believes that the assumptions upon which the information contained herein and the related 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 L. Smith, VP, Finance and Treasurer of The Andersons,
Inc., +1-419-891-6417


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Grain
Plant Nutrient
Ethanol
Rail