Fasco's thirteen grain elevators will increase ADM's footprint tributary to the prime farm production areas of northern Illinois. The grain from these elevators will flow into ADM's vast domestic and global processing and marketing network.
30/07/07 Archer Daniels Midland Company 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. Fasco's thirteen grain elevators will increase ADM's footprint tributary to the prime farm production areas of northern Illinois. The grain from these elevators will flow into ADM's vast domestic and global processing and marketing network. Matthew Jansen, president of ADM's Grain Group, said "these elevators allow ADM to offer increased marketing alternatives to farmers in northern Illinois while securing the commodity flow for ADM's biofuel, food and feed needs." Richard Zimmerman, chairman of Fasco Mills, said "our management team at Fasco has built significant value into these operations, and we feel that ADM's diverse resources will further enhance their value to the farmer." The parties expect the transaction to close on September 1, 2007.
