“We have referenced performance issues in our western grain assets during several recent investor calls. We anticipate this sale will improve our prospects and provide a pathway to profitability for this area of our business,” said CEO Pat Bowe. “We believe MaxYield will capably continue to serve the needs of the growers in this region and make good use of these assets in Iowa.”
The facilities were originally acquired in 2012 as part of an acquisition from Green Plains Grain Company. The Andersons also received assets in Tennessee at that time, which are not part of the new agreement. The Andersons also continue to keep their holdings related to their ethanol facility and the recently-aquired Nutra-Flow facility in Iowa.
“We are excited about the opportunity to expand our presence in an area already served by MaxYield,” stated Howard Haas, MaxYield Cooperative board chairman. “MaxYield currently has facilities in 17 rural communities and has 1,700 members, many of which will have increased access to grain, agricultural inputs and services as a result of this transaction.”