Archer Daniels Midland Company has acquired five grain storage elevators from Olsen Brothers Enterprises and, in a separate transaction, has contracted to acquire four grain storage elevators from Olsen's Mill Acquisition Company/Ag Services of Wisconsin. ADM has also assumed a lease for an elevator from Olsen's Mill Acquisition Company. All 10 elevators are located in Wisconsin, and have a combined storage capacity of approximately 20 million bushels. ADM began operating the elevators in August under lease agreements.
"The acquisition of these elevators expands our grain origination footprint into Wisconsin, a new origination area for ADM," said Joe Taets, the president of ADM's Agricultural Services business. "These elevators are well equipped to handle the harvest with high-speed unloading to help growers get in and out quickly. We look forward to meeting and working with area farmers for the upcoming harvest."
In February 2009, Olsen's Mill was forced into receivership, a court proceeding similar to bankruptcy, after a large European bank, BNP Paribas, filed a civil suit in Green Lake County Circuit Court.
The nine elevators ADM acquired are located in Auroraville, Belmont, Boscobel, Milwaukee, Oshkosh, Ripon, Stevens Point, Viroqua and Westfield. Each elevator has the capability to load trucks, with Boscobel, Oshkosh, Ripon and Stevens Point also having the ability to load railcars and Milwaukee having the ability to load railcars and shuttle barges on Lake Michigan. The leased elevator is located in Platteville and has truck-loading capabilities. Grain procured at these elevators will supply local dairy markets, ADM's domestic processing operations and export markets.
ADM brings expertise in local and global agricultural markets to area farmers. At ADM grain facilities, growers find knowledgeable merchandisers and creative contract alternatives to help them market their crops in the most effective and profitable way. Online services through e-ADM.com deliver up-to-the-minute market news and analysis to assist farmers in making the best decisions possible. ADM's knowledge combined with creative products and services help farmers make the most of their business to ensure farming remains a viable way of life for future generations.