LINCOLN, Neb. (DTN) -- The Andersons Inc. finalized the acquisition of majority ownership in Skyland Grain LLC five months after the companies announced they signed a nonbinding letter of intent.

The companies did not provide details about the financial or other terms of the agreement.

Skyland operates grain storage and handling facilities at 50 locations in Kansas, Colorado, Oklahoma and Texas.

The company also operates three cotton gins, a full-service agronomy sales and service division and a retail and wholesale fuel sales and delivery division.

Skyland also owns a majority interest in Heartland Soil Services LLC, a precision agronomy testing, data analysis and consulting company with operations in five states.

Maumee, Ohio-based The Andersons is one of the largest agriculture companies in the country with about $14.8 billion in revenue. The company operates commodity merchandising, renewables and crop nutrients facilities in 22 states, four Canadian provinces, as well as in Mexico, Puerto Rico and Romania.

"With Skyland becoming part of The Andersons, we are confident that we are well-positioned to capitalize on the significant opportunities in this region, which boasts the fastest-growing feed demand in the country," said Bill Krueger, president and CEO of The Andersons.

"Skyland's strong farmer relationships and core assets in grain, agronomy, cotton, and fuel, combined with our grain merchandising presence across the U.S. make this a powerful combination. Further, by bringing together our agronomy businesses, we not only double the size of The Andersons retail farm center business, but our combined buying power and expansive reach will create new opportunities for our customers, enhancing their competitiveness across the North American agricultural supply chain."

The Andersons owns and operates 125 facilities around the world. That includes 82 grain trade operations with 168 million bushels of grain storage capacity in the U.S., Canada, Switzerland and the United Kingdom.

The company also operates four ethanol plants in Indiana, Iowa, Michigan and Ohio, totaling about 488 million gallons of production capacity, 1.2 million tons of feed production and 124 million pounds of corn oil production.

The Andersons also runs 39 nutrient and industrial facilities in the U.S., producing 1.9 million tons of nutrients, specialty products, industrial inputs and corncob-based products.

Skyland was previously owned by Archer Daniels Midland and has about 174 million bushels of grain-storage capacity.

Skyland CEO Pete Goetzmann said, "We are excited to join forces with The Andersons. Their asset footprint is a strong complement to ours, offering our producers greater access to the best markets. As a leader in the grain trade with a proven track record, The Andersons merchandising expertise, combined with Skyland's deep local market knowledge and customer base, creates a powerful synergy that aligns perfectly with our mission of connecting our producers to the world."

Todd Neeley can be reached at todd.neeley@dtn.com

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