Archer Daniels to acquire soybean plant, biodiesel facility in Missouri

(ADPnews) - Apr 6, 2011 - US agricultural commodity producer and trader Archer Daniels Midland (NYSE:ADM) unveiled on Monday a plan to acquire a soybean crushing unit and a biodiesel production plant in Missouri from Prairie Pride Inc.

Operations at the plant ceased early in 2010 and since then biodiesel and soy meal producer Prairie has been exploring different options to resume production.

As part of the deal, ADM will purchase Prairie's debt that was up to now held by a unit of General Electric (NYSE:GE) and will also enter into a partnership agreement with Prairie for the biodiesel facility.

Archer Daniels did not provide any specific details on the acquisition, only saying it was in line with its growth strategy and integrated business model.

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