ADM reaches agreement to buy Fasco Mills
July 27, 2007
by Eric Schroeder
DECATUR, ILL. — Archer Daniels Midland Co. has entered into an agreement to acquire the business operations of Fasco Mills Co., Mendota, Ill. Founded in 1934, Fasco Mills is a family-owned grain and feed company operating one of the largest networks of grain elevators and rail shipping terminals in Illinois, operating 13 grain elevators in northern Illinois.
ADM said the addition of the grain elevators will allow grain to flow into ADM’s domestic and global processing and marketing network.
"These elevators allow ADM to offer increased marketing alternatives to farmers in northern Illinois while securing the commodity flow for ADM’s biofuel, food and feed needs," said Matthew Jansen, president of ADM's Grain Group.
Richard Zimmerman, chairman of Fasco Mills, said "Our management team at Fasco has built significant value into these operations, and we feel that ADM’s diverse resources will further enhance their value to the farmer."
The transaction is expected to close on Sept. 1.