The Andersons Inc. announced on Friday (September 19, 2008) that it would purchase a grain storage facility and lease two others.

The company will buy a facility based in Reading, Michigan, US, and lease another in Jonesville, Michigan, US, from JBS United.

In addition, the company has also recently signed a long-term lease agreement for a Canton-based grain storage facility with Green Lion Bio-fuels LLC. 

The facilities provide the company with 3.6 million bushels of additional storage capacity in Michigan and 4 million bushels of space in Illinois, according to president and chief executive officer Mike Anderson.

The purchase and lease deals are expected to close as soon as due diligence is complete.

The Andersons is a diversified agribusiness and retailing firm that operates grain elevators, distributes fertilisers and manages rail cars.