ADM Plans to Spend $2.3bn on Biofuels

[The Financial Times] Archer Daniels Midland plans to spend $2.3bn on production of ethanol and other biofuels before 2009 as the world’s largest grain processor seeks to benefit from the US administration’s backing for the accelerated development of renewable fuels. Allen Andreas, chief executive, said the board of ADM, the largest producer of ethanol, had approved a series of projects that would boost ethanol production by 500m gallons by 2009 from a current 1.2bn gallons. While the company had late last year started plans to expand production, Mr Andreas said President George W. Bush’s push for ethanol in his January State Of The Union speech had prompted ADM to review its biofuels capacity again.
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