ADM to spend $25 million to expand refining and storage capacity at Quincy facility
Courtesy of Yahoo! Finance
ADM (NYSE: ADM) plans to invest approximately $25 million to expand refining and storage capacity at its crush and refining facility in Quincy, Illinois. This project will fully align the location’s refining capabilities with its crush capacity. It also will allow for greater flexibility in meeting the needs of ADM’s food, biofuel and industrial customers. The expanded capacity is expected to be online by Q1 2022.
ADM also announced Monday its plan to build North Dakota’s first-ever dedicated soybean crushing plant and refinery. It is designed to meet fast-growing demand from food, feed, industrial and biofuel customers, including producers of renewable diesel.
Based in Spiritwood, N.D., the approximately $350 million crush and refining complex will feature state-of-the-art automation technology. It will have the capacity to process 150,000 bushels of soybeans per day. Strategically located in a major soybean producing area, ADM’s global logistics network will enable the facility to access both domestic and global markets for soybean oil and meal. Completion of the facility is expected before the 2023 harvest.
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