Two years after fending off a hostile takeover attempt, The Andersons Inc. is expanding its commodity shipping and ethanol businesses and eyeing small- to mid-sized acquisitions to stay profitable during a global supply glut that has hurt U.S. farmers, reports Reuters.
The Andersons this month said it was purchasing the remaining 67.5% stake in Lansing Trade Group LLC that the company did not already own by paying $175 million in cash, assuming $166 million in long-term debt and issuing stock in its largest-ever acquisition.
“We basically triple our grain business ... and take our company up to just under $10 billion (in annual revenue),” Andersons Chief Executive Officer Pat Bowe said in an interview at the Reuters Global Commodities Summit on Tuesday.
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