ADM to Close Chattanooga Plant

ADM (NYSE: ADM - news) announced today that effective March 31, 2001 it will close the Chattanooga, Tennessee vegetable oil refinery and hydrogenation facility. The Chattanooga facility was acquired from Central Soya in 1991 and was ADM's last stand-alone refinery.

The closure is a direct result of industry refining over-capacity, low margins for refined oils and distillate, increased logistical costs and consumer market consolidation.

ADM will continue to serve its customers from operations in Valdosta, Georgia, and Decatur, Illinois as well as select transloading facilities within the region. ADM's focus is to continue to serve this market while making a smooth transition with all our customers.

ADM is engaged in the business of procuring, transporting, processing and marketing agricultural products. It is one of the world's largest processors of oilseeds, corn, wheat and cocoa, with over 23,000 employees worldwide, 368 processing plants and net sales for the fiscal year ended June 30, 2000 of $18.6 billion.

SOURCE: Archer Daniels Midland Company