Andersons Buys Indiana Elevator

MAUMEE _ Feb 2/04 - SNS -- The Andersons, Inc. has completed its purchase of selected assets of the Farmers Elevator Company of Oakville, Inc.

Under terms of the agreement, The Andersons has purchased the 3.4 million bushel capacity grain elevator from the Indiana co-op. Arrangements were finalized earlier this month to acquire the elevator's grain inventories.

The Andersons has been managing the elevator under a lease/management agreement that took effect October 1, 2003. It will continue to buy, sell, condition and merchandise grain for producers in Delaware, Henry and Randolph counties in Central Indiana. The Oakville facility is served by the Norfolk Southern (NSC) rail line.

According to Mike Anderson, president and CEO of The Andersons, the purchase fits well with the company's strategy to grow within its core competency as a grain merchandiser. "We're pleased to acquire a facility in an area blessed with such rich agricultural resources. We've enjoyed working with the Oakville-area producers during the 2003 harvest and look forward to an excellent partnership with them in the coming years."

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