The Andersons, Inc.
The company also announced it has finalized a $1 million investment in Iroquois Bio-Energy Company, LLC (IBEC) in Rensselaer, Indiana. The Andersons' Grain Division is under contract to provide grain origination services to the IBEC facility.
The 1,180 rail car purchase boosts the inventory owned or managed by the Rail Group to 15,980, which is an 8% increase from the year-end high of 14,800 cars. The group also controls more than 115 locomotives. The purchase adds a variety of car types and lease arrangements to the Rail Group's current portfolio. The Andersons Rail Group is among the top 10 rail management companies serving the North American market. In addition to providing leasing and management services, the group also repairs/reconfigures cars to customer specifications at its repair facilities in Ohio and South Carolina, and operates a steel-fabrication business in Ohio.
"Both these investment opportunities fit well with our strategic initiatives," said Mike Anderson, the company's President and CEO. "Growing our rail car inventory is consistent with our goal of becoming the total rail solutions provider for our customers, while the IBEC investment supports our interest in the growing ethanol industry."
About The Andersons, Inc.
The Andersons, Inc. is a diversified company with interests in the grain and plant nutrient sectors of U.S. agriculture, as well as in railcar marketing, industrial materials formulation, turf products production, and general merchandise retailing. Founded in Maumee, Ohio, in 1947, the company presently has operations in six U.S. states plus rail equipment leasing interests in Canada and Mexico. Total revenues in 2004 exceeded $1.3 billion.
SOURCE: The Andersons, Inc.
CONTACT: Gary Smith, Vice President, Finance and Treasurer of The
Andersons, Inc., +1-419-891-6417, or
Web site: http://www.andersonsinc.com/