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ADM plans to invest $196 million in Iowa grain plant updates

06 March 20182 min reading

Top U.S. grains merchant Archer Daniels Midland Co (ADM) plans to renovate its corn mill in Iowa. ADM spokeswoman Anderson says the machinery inside the plant will be updated. The project is expected to cost 196 million dolars.

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Archer Daniels Midland plans to invest $196 million in its grain processing plant in Clinton, Iowa. The Quad-City Times reports the project will update the machinery inside the plant and expand the facility. ADM spokeswoman Jackie Anderson says the mill produces a variety of corn products, including corn sweeteners, beverage alcohol, ethanol and animal feed. The plant employs more than 750. The project will receive more than $8 million in state and local tax credits. Work on the expansion is expected to begin this year and continue into 2022.

ADM REPORTS 4TH QUARTER RESULTS ADM posted better-than-expected fourth-quarter earnings. ADM’s mixed performance for the fourth-quarter was helped by higher profits in agricultural services and corn processing. ADM also benefited from U.S. tax reform, posting a net estimated $379 million quarterly benefit related to the new federal tax law. The company reported a net profit of $788 million, or $1.39 per share, up from $424 million, or 73 cents per share, a year earlier. ADM said profit from its agricultural services business jumped nearly 23 percent to $301 million last quarter, helped by higher marketing and insurance income.However, total revenue fell 2.6 percent to $16.07 billion in the three months ended Dec. 31, amid continued sluggish demand for U.S. grains. Chicago-based ADM, which buys, stores and ships commodity crops, has been trying to invest in higher-margin businesses to boost earnings in a volatile commodity market. ADM has proposed a takeover of New York-based aggribusiness giant Bunge, which could set up a bidding war with Swiss-based rival Glencore Plc. ADM’s Chief Executive Officer Juan Luciano told analysts on a call that the company would not discuss recent media reports about ADM making a take-over approach of rival Bunge Ltd., Reuters reported.

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