MAUMEE, OHIO, U.S. — The Andersons, Inc. announced on Jan. 22 that it has entered into an agreement with Lansing Trade Group, LLC (LTG) for a partial redemption of The Andersons’ equity investment in LTG.
The redemption would reduce The Andersons’ ownership interest in LTG from approximately 47% to approximately 39% on a fully diluted basis. The redemption is subject to certain financial contingencies but is expected to close in the first quarter of 2014.
“We have entered into this agreement, which allows us to monetize a portion of our LTG investment, while continuing to retain most of our interest in this very successful partnership,” said Mike Anderson, chairman and chief executive officer.
The Andersons made its initial investment in LTG, an established commodity merchandising business, in January 2003. In addition to its ownership in LTG, The Andersons and LTG will continue to jointly own and operate Thompsons Limited, a grain and food-grade bean handler and agronomy input provider, headquartered in Blenheim, Ontario, Canada.