The Andersons to Pursue Purchase of Pelleted Lime Operations
May 22, 2008
The Andersons, Inc.
The Andersons is pursuing the purchase of the Mineral Processing, Inc., in Carey, Ohio, the ASC Mineral processing in Fairmont, Ill., and the Platte River Pelletizing in Weeping Water, Neb., all of which are owned and operated by the Allen family of Allerton, Illinois.
"This acquisition will expand our service area, our production and distribution capabilities and enable us to increase our service levels to customers," explains CEO Mike Anderson. "The acquisition would make us the largest producer of Pelleted Lime in North America."
The transaction is scheduled to close later this year, pending completion of due diligence, approval of The Andersons board and selling shareholders, negotiation of documents and any applicable regulatory agencies.
"We are excited about what this transaction means to the future of these operations," says Vicki Allen, a representative for the family owners. "It is our sincere belief that The Andersons can carry on the dream our family has spent more than two decades pursuing."
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 10 U.S. states and Puerto Rico, plus rail equipment leasing interests in Canada and Mexico. For more information, visit The Andersons online at www.andersonsinc.com
About Mineral Processing Companies
Mineral Processing Companies are comprised of three manufacturing, packaging and distribution centers in Ohio, Illinois and Nebraska. The facilities produce high calcium pelleted lime, high magnesium pelleted lime and pelleted gypsum. Established two decades ago, the operations were among the pioneers in the development of the pelleted lime production process. In 2007, the operations had revenues of more than $12 million and distributed nearly 200,000 tons of product. For more information, visit Mineral Processing Companies online at www.mineralprocess.com
First Call Analyst:
SOURCE: The Andersons, Inc.
CONTACT: Gary L. Smith of The Andersons, Inc., VP, Finance & Treasurer,