Press release from PR Newswire
The Andersons Finalizes Purchase of Cycle Group, Inc.
Monday, December 09, 2013
The Andersons Finalizes Purchase of Cycle Group, Inc.16:01 EST Monday, December 09, 2013
MAUMEE, Ohio, Dec. 9, 2013 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announces today it has purchased the assets of the granulation manufacturer Cycle Group, Inc.
"This opportunity expands the reach for our Turf & Specialty Group's granulation business into a strategic geographic location that will help us better serve our customers," says CEO Mike Anderson. "In addition, we will be increasing our production and distribution capabilities, obtaining intellectual property and expanding our presence in the high-value markets of the granular business."
The purchase includes a modern facility in Mocksville, North Carolina, capable of producing 22,000 tons of granulated products with a workforce of 12 employees. In addition, The Andersons will assume and market the Cycle Group's EcoGranule brand.
"This acquisition supports our growth strategies for our premium granulation business and provides the potential for further product production in the future," says Tom Waggoner, President, Turf & Specialty Group. "Cycle Group's reputation for producing a high-quality, patented product in an environmentally safe manner is a good fit for us."
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 C. Conrad, VP, Finance & Treasurer, Phone: 419-891-6415, E-mail: email@example.com