The Andersons, Inc. Announces Extended Maintenance Shutdowns of Ethanol Facilities
MAUMEE, Ohio, March 24, 2020 /CNW/ -- 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.
SOURCE The Andersons, Inc.
Investor Relations - John Kraus, Director, Investor Relations, 419-891-6544, [email protected], http://www.andersonsinc.com
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