Press release from PR Newswire
The Andersons to Acquire Railcar Repair Network
Monday, August 05, 2013
The Andersons to Acquire Railcar Repair Network16:01 EDT Monday, August 05, 2013
MAUMEE, Ohio, Aug. 5, 2013 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces today it has entered into an agreement to acquire Mile Rail, LLC, a railcar repair and cleaning provider headquartered in Kansas City, Missouri.
"This acquisition enhances and complements The Andersons current railcar repair network by expanding our geographical footprint and business mix," says CEO Mike Anderson. "In addition, Mile Rail has an experienced and talented workforce with a similar commitment to providing extraordinary customer service."
Mile Rail repairs and cleans virtually all types of railcars containing a comprehensive range of non-hazardous, hazardous and food-grade products and wastes from its headquarters in Kansas City and its three satellite locations in Nebraska, Kansas and Indiana. The firm maintains a central Midwest footprint with its mobile units as well.
"The acquisition of Mile Rail will expand our capabilities to include tank car repair, for which there is a need for additional capacity in the industry, and is expected to increase our railcar repair revenue by 25 percent," explains Rasesh Shah, president of The Andersons' Rail Group. "In addition, with the growth of our fleet, as well as the geographic diversity of our customers, it was becoming strategically important for us to add a second, full-service facility centrally located in the U.S."
Glen Schwartz, Mile Rail's President, says, "Joining The Andersons represents a tremendous opportunity for both our clients and employees. I look forward to continued growth while continuing to exceed our customers' expectations."
The acquisition, which remains subject to certain customary closing conditions, is expected to be finalized in the third quarter.
About The Andersons, Inc.
The Andersons, Inc. is a diversified company rooted in agriculture. Founded in Maumee, Ohio, in 1947, the company conducts business across North America in the grain, ethanol, and plant nutrient sectors, railcar leasing, turf and cob products, and consumer retailing. For more information, visit The Andersons online at www.andersonsinc.com.
SOURCE The Andersons, Inc.
For further information: Nicholas Conrad, The Andersons, 419-891-6415, firstname.lastname@example.org