ADM building new ethanol plant. Plans to boost annual ethanol production from 4 billion gallons per year to 6 billion gallons per year.
biz.yahoo.com
ADM to Build New Ethanol Plant in Iowa
Wednesday May 10, 5:09 pm ET
DECATUR, Ill. (AP) -- Archer Daniels Midland Co. said Wednesday that it plans to build a new dry-mill ethanol plant that will allow the company to produce an additional 275 million gallons of the corn-based fuel each year.
The new plant in Cedar Rapids, Iowa, is expected to be finished in the second half of 2008, subject to approval by federal regulators, the company said. It is the second new dry-milling ethanol plant announced by Decatur-based ADM this year.
In February, the company said it plans to build a 275 million-gallon plant in Columbus, Neb., that is expected to be operational in the first half of 2008.
ADM has said it intends to boost its ethanol capacity from 4 billion gallons to 6 billion gallons per year.
"Biofuels are an important part of America's current and future energy mix, and we believe it is important to invest in expanded ethanol production to meet growing demand," Edward A. Harjehausen, senior vice president for corn milling and bioproducts, said in a news release.
Both new plants will be built adjacent to existing ADM corn-processing and ethanol facilities, the company said. The Cedar Rapids and Columbus locations also have coal-fired cogenerating plants to supplement traditional power sources.
ADM is among the biggest processors of soybeans, corn, wheat and cocoa and produces soy meal and oil, biodiesel, ethanol, corn sweeteners and flour, with more than 250 processing plants and more than 26,000 employees worldwide.
Its shares, which reached an all-time high of $45.75 on Tuesday, fell 22 cents to close at $45 Wednesday on the New York Stock Exchange.
On the Net: admworld.com |
