ADM plots biofuels future
"The word 'the' is there for a purpose," said ADM CEO Patricia Woertz of the company's goal. "It means we will be number one. It means we will be 'the' leader, not amongst the leaders, not a U.S. leader, not a leader where we choose to market or operate. It is 'the global leader in bioenergy.'" Woertz discussed ADM's plans in a presentation for financial analysts in November in Chicago.
As part of its plan, ADM predicts explosive growth for biodiesel. Global biodiesel demand is projected to grow 350 percent by 2015, fueling a 30 million-ton demand shift in the global oil and fat market, said Mark Zenuk, ADM vice president of European and Asian operations. That is more than three times the current total U.S. soy crush. One out of every 12 pounds of vegetable oil will be used for biodiesel by 2015, according to Bill Camp, ADM executive vice president for global processing.
ADM plans to invest in additional biodiesel capacity in the United States, Germany, Brazil and Asia.
Later in November, ADM announced the expansion of five of its crushing plants in the United States and Canada. ADM will expand capacity at its soybean crushing plants in Quincy, Ill., Frankfort, Ind., and Mexico, Mo., and its canola crushing plants in Velva, N.D., and Lloydminster, Alberta. The expansions will support ADM's two North American biodiesel facilities in Missouri and North Dakota. The expansions are scheduled to be completed by mid-2008.