ADM Building Large Soybean Processing Plant in Paraguay
DECATUR, Ill.--(BUSINESS WIRE)--Archer Daniels Midland Company (NYSE: ADM) today announced that it will increase its South American oilseed crush capacity by more than 25 percent with the construction of a major new soybean plant in Paraguay.
The new plant, with an anticipated daily crush capacity of 3,300 metric tons, will be located adjacent to an ADM fertilizer-blending plant in Villeta, near the capital city of Asuncion, and will benefit from proximity to a nearby port facility on the Paraguay River. This location will increase local crop-origination and export capacity and enable the company to import fertilizer components more cost-effectively. Construction began in June and is expected to be complete in 2012.
The project will create more than 150 permanent jobs, as well as an estimated 500 jobs at peak construction.
The plant is part of ADM’s strategy to increase crop-sourcing and processing capacity in South America’s key growing regions. Soybean production in Paraguay has been growing at an annual rate of 13 percent for the past 10 years.
“This plant will link South America’s productive farmers with the world’s growing demand for food and energy,” said John Rice, executive vice president, Commercial and Production. “ADM will grow oilseed crush volumes over the next five years at about double predicted market rate. We will achieve a compound annual growth rate of 7 to 10 percent through both organic growth and acquisitions.”
Every day, the 29,000 people of Archer Daniels Midland Company (NYSE: ADM) turn crops into renewable products that meet the demands of a growing world. At more than 240 processing plants, we convert corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses. We operate the world’s premier crop origination and transportation network, connecting crops and markets in more than 60 countries. Our global headquarters is in Decatur, Illinois, and our net sales for the fiscal year ended June 30, 2010, were $62 billion. For more information about our Company and our products, visit www.adm.com.
ADM Media Relations