August 4, 2010

ADM new soy crushing plant ups output by 25%

 

Archer Daniels Midland Co. (ADM) CEO Patricia Woertz said Tuesday (Aug 2) the company has begun construction on a new soy crushing facility in Paraguay that will increase its capacity in South America by 25%.

Woertz said the facility would be operational by 2012, and that the Decatur-Illinois-based company would release more details on the project later in the day. The plant would have a capacity of 330 tonnes per day.

She said during a post-earnings conference call that the new plant was part of its goal of increasing soy crushing margins at an annual growth rate of 7-10%. That would be double the predicted growth for the market.

In addition, the company planned to expand its soy processing operations through growth and acquisitions during this period.