December 15, 2010

Archer Daniels Midland to buy Carolina Soya

Archer Daniels Midland has announced that it will assume operation of Carolina Soya's Estill, South Carolina, assets, which include a soy storage facility and a shuttered soy processing plant.

ADM is in discussions with Carolina Soya to acquire the property and will lease the facility until the transaction is completed.

ADM will operate the grain storage facility, which has a storage capacity of three million bushels, but it has no plans to operate the processing plant currently. 

"This facility expands our soy origination footprint in the Southeast," said Greg Morris, ADM's vice president of North American Oilseeds Processing.

"We look forward to becoming a part of the Estill community and employing a local workforce, and to work with area growers to provide them with access to new marketing opportunities through our global network," Morris added.