ADM Selects Cedar Rapids, Iowa As Second Location For Ethanol Expansion
Archer Daniels Midland Company (NYSE: ADM) today announced that it has selected Cedar Rapids, Iowa as the second location for its ethanol capacity expansion. The Company will build a dry corn milling plant with an initial annual capacity of 275 million gallons adjacent to the existing corn processing plant.
“ADM is significantly expanding its domestic ethanol production with new dry mills in Cedar Rapids, Iowa and Columbus, Nebraska,” stated Edward A. Harjehausen, ADM Senior Vice President-Corn Milling and BioProducts. “Biofuels are an important part of America’s current and future energy mix, and we believe it is important to invest in expanded ethanol production to meet growing demand.”
The addition of these new plants in Cedar Rapids and Columbus, combined with additional spending for related transportation assets, is further evidence of ADM’s commitment to investing in the production and distribution of biofuels in the United States.
This 275 million gallon expansion plus the previously announced 275 million gallon expansion in Columbus, Nebraska is a 550 million gallon capacity expansion for ADM. Construction on the Cedar Rapids expansion, expected to be complete in the second half of 2008, is subject to applicable governmental approvals
Archer Daniels Midland Company (ADM) is a world leader in agricultural processing and fermentation technology. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soybean oil and meal, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 25,000 employees, more than 250 processing plants and net sales for the fiscal year ended June 30, 2005 of $35.9 billion. Additional information can be found on ADM’s Web site at www.adm.com.