The Andersons has agreed to sell eight of its Iowa grain and plant nutrient facilities to West Bend, Iowa-based MaxYield Cooperative for an undisclosed amount.
The eight facilities were acquired by The Andersons in 2012 as part of its acquisition of the Green Plains Grain Company. The other facilities acquired through the Green Plains transaction located in Tennessee will remain a part of The Andersons’ business, as will The Andersons’ ethanol facility and Nutra-Flo facilities located in Iowa.
"We have referenced performance issues in our western grain assets during several recent investor calls. We anticipate this sale will improve our prospects and provide a pathway to profitability for this area of our business," said Chief Executive Officer Pat Bowe in a company statement.
Founded in 1915 and headquartered in West Bend, Iowa, MaXYield Cooperative is a member-owned diversified agricultural cooperative with 17 locations and three convenience stores across the state. The group also provides grain origination and accounting services for two Iowa feed mills.
"We are excited about the opportunity to expand our presence in an area already served by MaxYield," stated Howard Haas, MaxYield Cooperative board chairman. "MaxYield currently has…1,700 members, many of which will have increased access to grain, agricultural inputs and services as a result of this transaction."
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