The Andersons, Inc. Signs Long-Term Lease at Port Houston, Makes Investment in Capacity for Soybean Meal Exports

Rhea-AI Summary

The Andersons (Nasdaq: ANDE) has signed a long-term lease agreement at Port Houston and will expand its facility for soybean meal exports. The facility upgrades include rail-based soybean meal unload access, a new conveyance system, and a ship loading tower to enhance efficiency. The Houston facility, with 6.3 million bushels storage capacity, currently exports over two million metric tons of grain annually and will add 22,000 metric tons storage for soybean meal. The expansion aims to meet increasing domestic soybean crush demand driven by renewable fuels growth.

Positive

• Secured strategic long-term lease at Port Houston
• Facility expansion adding 22,000 metric tons storage capacity for soybean meal
• Current facility handles over 2 million metric tons of grain exports annually
• Infrastructure upgrades to improve operational efficiency
• Strategic positioning to capitalize on growing renewable fuels market demand

Negative

• None.

News Market Reaction

+0.41%

1 alert

+0.41% News Effect

On the day this news was published, ANDE gained 0.41%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

MAUMEE, Ohio, Oct. 24, 2024 /PRNewswire/ -- The Andersons, Inc. (Nasdaq: ANDE) announced it has signed a long-term lease agreement for its operations at Port Houston and will be expanding the facility to support the export of soybean meal among other bulk grains. The upgrades will focus on increased reliability and efficiency and include providing rail-based soybean meal unload access directly at the export point.

"We are pleased to extend our relationship with Port Houston as it remains a strategic location for The Andersons to support our customers in exporting to high-demand markets," said Bill Krueger, President and CEO of The Andersons. "As domestic soybean crush rises to meet the higher demand for renewable fuels, we are seeing new opportunities for the export of soybean meal, and we are working closely with our railroad partners to streamline delivery of product to the export point by installing capability to unload unit trains of soybean meal directly at the Texas Gulf."

"Our long-term agreement with The Andersons, a globally recognized Fortune 500 company with a 75-year-long history of delivering exceptional products to markets around the world, marks a significant milestone in Port Houston's efforts to drive maritime economic growth for the region," said Tom Heidt, Chief Operating Officer of Port Houston. "Utilizing the facilities to support the movement of a co-product of the green revolution is an evolution in the use of the Houston Ship Channel and will create new jobs locally and support jobs across America's heartland."

With storage capacity of 6.3 million bushels, the Houston facility supports the export of more than two million metric tons of grain annually and will now include up to 22,000 metric tons for storing soybean meal for export. Additional upgrades include a new conveyance system to seamlessly transport goods from storage to the ship loaders, as well as a new ship loading tower to increase the efficiency and speed of loading.

About The Andersons, Inc.
The Andersons, Inc., named in 2024 to Forbes list of America's Most Successful Small Companies, Newsweek's list of America's Most Responsible Companies, and one of The Americas' Fastest Growing Companies by the Financial Times, is a diversified company rooted in agriculture that conducts business in the commodity merchandising, renewables, and nutrient & industrial sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com.

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SOURCE The Andersons, Inc.

FAQ

What is The Andersons' (ANDE) new storage capacity for soybean meal at Port Houston?

The Andersons will add 22,000 metric tons of storage capacity specifically for soybean meal at their Port Houston facility.

How much grain does The Andersons (ANDE) export annually from Port Houston?

The Houston facility exports more than two million metric tons of grain annually.

What upgrades is The Andersons (ANDE) making to its Port Houston facility?

The upgrades include rail-based soybean meal unload access, a new conveyance system, and a new ship loading tower to increase loading efficiency.

What is the total storage capacity of The Andersons' (ANDE) Houston facility?

The Houston facility has a total storage capacity of 6.3 million bushels.