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Andersons (ANDE) Signs Deal to Divest Florida Farm Centers
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The Andersons, Inc. (ANDE - Free Report) has signed an agreement to sell its farm center locations in Florida to Wedgworth's Inc. based in Belle Glade, FL.
Andersons had acquired the farm centers in Florida through the purchase of Douglass Fertilizer in 2008 and Immokalee Farmers Supply, Inc. in 2011. The main reason behind the divestment is that these farm centers are not strategically aligned with Andersons’ locations in the Eastern Corn Belt.
Per the deal, Andersons will divest real estate and assets at Zellwood, Clewiston, and Lake Placid, as well as the assets and operations located in Immokalee. However, the company’s products will continue to be available to customers in the region through a distribution agreement with Wedgworth's.
Andersons continues to streamline its organizational structure and improve operational efficiency. In second-quarter 2016, the company exited underperforming grain assets in Iowa. Further, in the fourth quarter, it closed two facilities and two cob facilities to consolidate and optimize performance of the Grain Group.
In Jan 2017, the company declared that it would close its remaining four retail stores and shut down the retail business in mid 2017. These divestitures will allow Andersons to focus on its core business.
Moreover, Andersons has outperformed the Zacks categorized Agriculture Products industry year to date. The company’s shares gained around 29.7% during this period, compared with roughly 19.9% gain recorded by the industry.
Andersons currently carries a Zacks Rank #2 (Buy).
United States Steel has an impressive positive average earnings surprise of 630.61% for the last four quarters. Taseko Mines generated a remarkable positive average earnings surprise of 100.00% over the trailing four quarters. Trinseo has delivered an average positive earnings surprise of 22.41% in the past four quarters.
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Andersons (ANDE) Signs Deal to Divest Florida Farm Centers
The Andersons, Inc. (ANDE - Free Report) has signed an agreement to sell its farm center locations in Florida to Wedgworth's Inc. based in Belle Glade, FL.
Andersons had acquired the farm centers in Florida through the purchase of Douglass Fertilizer in 2008 and Immokalee Farmers Supply, Inc. in 2011. The main reason behind the divestment is that these farm centers are not strategically aligned with Andersons’ locations in the Eastern Corn Belt.
Per the deal, Andersons will divest real estate and assets at Zellwood, Clewiston, and Lake Placid, as well as the assets and operations located in Immokalee. However, the company’s products will continue to be available to customers in the region through a distribution agreement with Wedgworth's.
The Andersons, Inc. Price
The Andersons, Inc. Price | The Andersons, Inc. Quote
Andersons continues to streamline its organizational structure and improve operational efficiency. In second-quarter 2016, the company exited underperforming grain assets in Iowa. Further, in the fourth quarter, it closed two facilities and two cob facilities to consolidate and optimize performance of the Grain Group.
In Jan 2017, the company declared that it would close its remaining four retail stores and shut down the retail business in mid 2017. These divestitures will allow Andersons to focus on its core business.
Moreover, Andersons has outperformed the Zacks categorized Agriculture Products industry year to date. The company’s shares gained around 29.7% during this period, compared with roughly 19.9% gain recorded by the industry.
Andersons currently carries a Zacks Rank #2 (Buy).
Key Picks
Other favorably placed stocks in the same space include United States Steel Corporation (X - Free Report) , Taseko Mines Limited (TGB - Free Report) and Trinseo S.A. (TSE - Free Report) . All of these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
United States Steel has an impressive positive average earnings surprise of 630.61% for the last four quarters. Taseko Mines generated a remarkable positive average earnings surprise of 100.00% over the trailing four quarters. Trinseo has delivered an average positive earnings surprise of 22.41% in the past four quarters.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>