MAUMEE, OHIO — The Andersons Inc. has signed an agreement to purchase a majority of the grain and agronomy assets of Green Plains Grain Company, LLC, a subsidiary of Green Plains Renewable Energy, Inc.
The transaction, announced Oct. 29, is expected to close in the fourth quarter.
The agreement involves the purchase of seven facilities in Iowa and five in Tennessee, with a combined grain storage capacity of about 32 million bushels, 12,000 tons of nutrient storage and more than 130 employees and working capital. It also includes Green Plains’ retail petroleum operations.
The estimated sales price, according to Green Plains, is $133.1 million, including the assumption at closing of term debt of approximately $28.3 million.
“This will be the largest acquisition in our company’s 65-year history, and will increase the storage capacity of our Grain Group by nearly 30 percent,” said CEO Mike Anderson.
“This acquisition is consistent with our strategy of expanding our footprint into high grain production geographies where we can leverage our core capabilities to serve more customers in diverse trade areas,” said Denny Addis, president of The Andersons’ Grain Group.
“It enables us to push further to the west and south, increasing our presence in Iowa and entering Tennessee.
The Andersons Inc. is a diversified company founded in Maumee, Ohio, in 1947. The company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing.
