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ADM Buys Farmland Elevators
KANSAS CITY - Apr 15/04 - SNS -- U.S. Bankruptcy Judge Jerry Venters approved the sale of several Farmland Industries grain elevators to Archer Daniels Midland Co. for U.S. $7.5 million and ADM's agreement to assume liabilities on the facilities of between $17 and $18 million.
ADM had been leasing the facilities in a deal which required Farmland to pay half of any losses incurred on their operation and to receive half of any annual profits. The purchases includes three grain elevators in Texas and one each in Enid, Okla.; Hutchinson, Kan.; and Lincoln.
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