MAUMEE, Ohio, March 24, 2020 /PRNewswire/ -- The Andersons,
Inc. (Nasdaq: ANDE) announced today that it will idle its
ELEMENTTM ethanol facility in Colwich, Kansas, in the coming days for an
extended maintenance and repair period and will take spring
maintenance shutdowns at the four facilities owned by The Andersons
Marathon Holdings LLC (TAMH), a joint venture between The Andersons
and Marathon Petroleum Corporation.
"Our primary reason for taking these actions now is the
accelerating decline in demand resulting from the coronavirus
(COVID-19) pandemic. In the case of the ELEMENTTM plant,
The Andersons and ICM will use the time to focus on the remaining
steps needed to gain what we anticipate will be an industry-low
carbon score," said Jim Pirolli,
president of The Andersons Ethanol Group.
"For the TAMH plants, we will extend the spring maintenance
shutdowns, allowing us to practice social distancing and good
hygiene to protect our employees and the essential contractors who
are required for the shutdown. We continue to communicate regularly
with all our employees about staying healthy and modifying work
practices to reduce the spread of the COVID-19 virus," added
Pirolli.
The company expects to produce ethanol and its coproducts at
approximately 50 percent of capacity in April, with a return to
more normal production when demand improves. It also anticipates
bringing the ELEMENT plant back into production in the latter part
of the second quarter. These expectations are subject to the
lessening of the economic restrictions caused by the COVID-19
pandemic.
Forward-Looking Statements
This release contains forward-looking statements. These
statements involve risks and uncertainties that could cause actual
results to differ materially. Without limitation, these risks
include economic, weather and regulatory conditions, competition,
the COVID-19 pandemic, and the risk factors set forth from time to
time in the company's filings with the Securities and Exchange
Commission. Although the company believes that the assumptions upon
which the financial information and its forward-looking statements
are based are reasonable, it can give no assurance that these
assumptions will prove to be correct.
About The Andersons
Founded in 1947 in Maumee,
Ohio, The Andersons, Inc. (Nasdaq: ANDE) is a diversified
company rooted in agriculture that conducts business in the
commodity trading, ethanol, plant nutrient and rail sectors. Guided
by its Statement of Principles, The Andersons strives to provide
extraordinary service to its customers, help its employees improve,
support its communities and increase the value of the company. For
more information, please visit www.andersonsinc.com.
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SOURCE The Andersons, Inc.