ADM to Acquire Operations of Fasco Mills Company
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. Fascoís thirteen grain elevators will increase ADMís footprint tributary to the prime farm production areas of northern Illinois. The grain from these elevators will flow into ADMís vast domestic and global processing and marketing network. Matthew Jansen, president of ADMís Grain Group, said ďthese elevators allow ADM to offer increased marketing alternatives to farmers in northern Illinois while securing the commodity flow for ADMís biofuel, food and feed needs.Ē Richard Zimmerman, chairman of Fasco Mills, said ďour management team at Fasco has built significant value into these operations, and we feel that ADMís diverse resources will further enhance their value to the farmer.Ē The parties expect the transaction to close on September 1, 2007.
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