AGP Moves Forward on Soybean Processing Expansion at Hastings, NE
Omaha, NE– Ag Processing Inc a cooperative (AGP) announced today that the Company’s Board of Directors has approved plans and will move forward on a major expansion of the Company’s soybean processing plant at Hastings, Nebraska.
The Company had previously announced an intention to build additional soybean processing capacity at its facility in Hastings, the westernmost soybean processing operation in the U.S.
Keith Spackler, AGP’s Chief Executive Officer stated “AGP continues to invest in areas that enhance our long‐term competitiveness and our overall processing platform. We have had many years of positive operating experience and market conditions at this location, and a strong connection to the community through our employees. Our team is in place to execute a very good plan and we are excited to move forward on this important project for the Company’s growth and long‐term sustainability.”
“We are pleased today to formally move forward on the expansion project of the Hastings soybean crushing facility,” said Brad Davis, Chairman of AGP’s Board of Directors. “The Board believes this investment in Hastings will be very positive for our member cooperatives”.
“The availability and quality of the soybeans in the Hastings area, make it an excellent location to increase and improve our soybean processing capacity,” said Cal Meyer, Group Vice President for Processing, Refined Oils, and Renewables. “Hastings is ideally positioned to meet growing demand from Pacific Rim markets with Midwest soybeans and soy products, especially given AGP’s ability to export agricultural products through our port facility at Grays Harbor in the Pacific Northwest.”
Final construction decisions are contingent on negotiations with state and local officials but it is anticipated that operations from the new capacity will begin in the fall of 2016. In addition to its soybean processing facility, AGP currently operates a vegetable oil refinery and an AminoPlus® production facility at its industrial complex in Hastings.