UNDATED (WSAU) One of the nation’s largest corn processors will soon take over a chain of 10 grain elevators in Wisconsin. Archer Daniels Midland is buying Olsen’s Mills. Olsen’s went into bankruptcy two years ago due to its partial ownership of the financially-troubled Renew Energy ethanol plant in Jefferson.
The lead creditor, the French bank B-N-P Paribas, objected to a court-approved sale of the mills to two investment groups involving the Olsen brothers. The bank had submitted a higher bid, but a circuit judge said it was better for the local economy to sell the mills to the local groups for 20-million-dollars. The French bank got about $9-million from the deal. It filed an appeal, and the State Supreme Court ordered a way to increase the bank’s compensation. That prompted the sale to A-D-M. Terms were not disclosed, but officials said it would generate more money for the French bank.
A-D-M will own grain elevators in Auroraville, Belmont, Boscobel, Milwaukee, Oshkosh, Ripon, Stevens Point, Viroqua, and Westfield. It will also lease an elevator in Green Bay. The mills have a combined storage capacity of 20-million bushels. A-D-M has a feed plant and a honey operation in Wisconsin – but until now, it did not own any grain elevators.