ADM to Acquire Operations of Fasco Mills Company
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE:ADM) today announced that it has entered into an agreement to acquire the business operations of Fasco Mills Company, headquartered in Mendota, Illinois. Fasco Mills, founded in 1934, is a family-owned grain and feed company operating one of the largest networks of grain elevators and rail shipping terminals in Illinois. Fasco's thirteen grain elevators will increase ADM's footprint tributary to the prime farm production areas of northern Illinois. The grain from these elevators will flow into ADM’s vast domestic and global processing and marketing network. Matthew Jansen, president of ADM's Grain Group, said “these elevators allow ADM to offer increased marketing alternatives to farmers in northern Illinois while securing the commodity flow for ADM's biofuel, food and feed needs.” Richard Zimmerman, chairman of Fasco Mills, said “our management team at Fasco has built significant value into these operations, and we feel that ADM's diverse resources will further enhance their value to the farmer.” The parties expect the transaction to close on September 1, 2007.
Archer Daniels Midland Company (ADM) is the world leader in BioEnergy and has a premier position in the agricultural processing value chain. ADM is one of the world’s largest processors of soybeans, corn, wheat and cocoa. ADM is a leading manufacturer of biodiesel, ethanol, soybean oil and meal, corn sweeteners, flour and other value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 240 processing plants and net sales for the fiscal year ended June 30, 2006 of $37 billion. Additional information can be found on ADM’s Web site at http://www.adm.com.
ADM Media Relations