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Archer Daniels Midland to Buy Fasco
Friday July 27, 12:24 pm ET
Archer Daniels Midland Agrees to Buy Grain and Feed Company
DECATUR, Ill. (AP) -- Agricultural processor Archer Daniels Midland Co. said Friday it will acquire Fasco Mills Co., a family-owned grain and feed company, expanding its presence in northern Illinois and increasing the flow of raw materials for its biofuel production.
Financial terms of the purchase, which ADM expects to complete Sept. 1, were not disclosed.
ADM processes soybeans, corn, wheat and cocoa and manufactures ethanol, biodiesel, soybean oil and meal, corn sweeteners and flour.
Fasco operates 13 grain elevators in farm production areas of Illinois.
ADM shares fell 44 cents to $34.25 in midday trading.