April 5, 2011

ADM to acquire soy crushing facility

Archer Daniels Midland Company (ADM) announced plans to acquire a soy crushing and biodiesel facility in Deerfield, Missouri, from Prairie Pride, Inc.

"The acquisition of Prairie Pride's soy facility and partnership for the biodiesel business were attractive to us because they are aligned with our growth strategy and fit well within our integrated business model," said Matthew J. Jansen, president, Global Oilseeds.

"We look forward to working with the 1,000 farmers of Prairie Pride to transform soy into food, feed and fuel products used by consumers and businesses around the world every day. And we look forward to becoming a part of the Vernon County community," he said.

Prairie Pride, Inc. is a new-generation producer cooperative formed to convert soy into biodiesel fuel and soymeal. The facility began producing biodiesel in late 2007 and processing soy in August 2008.

ADM has over 240 processing plants, which converts corn, oilseeds, wheat and cocoa into food products and animal feed. ADM's net sales for the fiscal year ended June 30, 2010 is US$62 billion.