Oct 8 2010
The Andersons Marathon Ethanol LLC (TAME), a partnership between The Andersons, Inc. (Nasdaq: ANDE) and Marathon Petroleum Company LP, a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), announced today that it has entered into an agreement with Continental Carbonic Products, Inc. for the supply of carbon dioxide (CO2) from the TAME plant in Greenville, Ohio.
The agreement provides Continental Carbonic a critical input to build a new 50,000-square-foot dry ice manufacturing facility.
CO2 is a co-product of the ethanol production process which can then be converted to liquefied CO2. Liquefied carbon dioxide (LCO2) is the feed-stock for manufacturing dry ice and is used for a wide variety of other applications. Continental Carbonic has enjoyed significant growth in its core business; producing and delivering high quality dry ice to its customers. The Greenville Dry Ice Plant will facilitate continued growth of the business and employ more than 70 full-time workers when running at full production.
"Continental Carbonic Products is a significant force in the U.S. dry ice market," said Neill McKinstray, Vice President & General Manager of Ethanol for The Andersons, Inc. "We are pleased to have them join us at our Greenville ethanol plant, and look forward to advancing our common business interests, as well as contributing to the growth and prosperity of the Greenville area."
The Andersons, Inc., which serves as operator and manager of the ethanol plant in Greenville, has a similar agreement with Continental Carbonic at The Andersons Albion Ethanol plant in Albion, Michigan.
"The Andersons Marathon Ethanol are exactly the type of high quality, high integrity strategic partner we look for when we expand our business," said Robert Wiesemann II, CEO and Vice-Chairman of Continental Carbonic. "We have partnered with The Andersons for over four years in Albion, Michigan and our relationship has proven to be very beneficial to both parties. We also want to thank the Greenville community and State of Ohio Department of Development who have worked very hard to provide the economic framework to make this project successful and have welcomed us so warmly."
Local officials stated that the city and county are equally enthusiastic about the project.
"City officials have always touted the benefits of having TAME as a corporate citizen in the Greenville community," explained Greenville Mayor Mike Bowers. "While working on this project, we have found that officials with Continental Carbonic have demonstrated the same levels of professionalism and integrity that has made the ethanol plant a valued part of the community."
"We definitely thank TAME for bringing this opportunity to us," stated Darke County Economic Development Director Marc Saluk. "We'll continue to work diligently and do what we can to help ensure this opportunity becomes a reality."