(KERSHAW, SC) — Archer Daniels Midland said it will permanently close its soybean processing plant in Kershaw, South Carolina, later this spring as part of its cost-cutting plan announced earlier this year, according to Reuters.
The Kershaw plant is the smallest of more than a dozen dedicated soy processing facilities operated by ADM in the U.S., with the capacity to crush 50K bushels per day. ADM has been cutting jobs and downsizing some operations since announcing in February that it planned to cut costs by $500M-$700M over 3-5 years. The Kershaw plant would be the first U.S. soybean processing plant to close following a multi-year, industry-wide expansion amid soaring vegetable oil demand from biofuels makers, but the biofuel sector recently has been cutting production due to uncertainty over U.S. biofuels policy and the potential for a worsening trade war.
