Archer Daniels Midland mulling corn ethanol acquisitions

In Illinois, Archer Daniels Midland CFO Steve Mills said Tuesday that global agribusiness will be more profitable in the long term and that ADM may use the economic conditions as an opportunity to buy heavily discounted assets, including corn ethanol plants. Mills said many corn ethanol plants are in a distress condition, but that ADM is bullish on the sector in the long-term.

ADM CEO Patricia Worertz told attendees at the Consumer Analyst Group of New York’s annual conference that “ADM’s existing scale in corn wet milling and oilseeds processing offered high-value bioenergy opportunities” and highlighted the company’s partnership with ConocoPhillips in producing biocrude from corn stover, switchgrass and wood waste.

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