Andersons to Buy Harvestone Low Carbon in $915 Million Deal
The agribusiness and renewables company said the purchase adds about 215 million gallons of ethanol capacity and lifts its Renewables platform by more than 40%.
The Andersons, Inc. (ANDE) agreed to acquire Harvestone Low Carbon Partners (HLCP) for $915 million, a move the company said would expand its Renewables platform by more than 40% and add a differentiated low-carbon ethanol operation aimed at premium markets.
The North American agriculture company, which operates in agribusiness and renewables, said the purchase would add approximately 215 million gallons of annual ethanol production. Closing is expected in the fourth quarter of 2026 or early in the first quarter of 2027, subject to required regulatory approvals and other customary closing conditions.
“Our Renewables strategy is centered on expanding our low-carbon production platform through disciplined investments and capturing the growing value of renewable fuels,” said Bill Krueger, President and Chief Executive Officer of The Andersons. “We have been evaluating ethanol plant acquisition opportunities for several years, and HLCP is exactly what we have been looking for. Its production economics, established low-carbon ethanol capabilities, and strategically advantaged locations complement our existing network and together represent a combination that is difficult to replicate.”
The deal follows a year of ethanol consolidation at The Andersons. In July 2025 the company bought the remaining 49.9% interest in The Andersons Marathon Holdings LLC from a Marathon Petroleum subsidiary for $425 million, inclusive of $40 million of working capital, doubling its financial ownership in ethanol plants it already operated with Andersons employees. At its December 2025 investor day, The Andersons described a Renewables snapshot of 506 million gallons of ethanol produced at four facilities under 100% ownership.
Krueger said the company had been evaluating ethanol plant acquisitions for several years and that HLCP’s production economics, low-carbon capabilities, and locations complement the existing network. The company framed the purchase as an extension of that search rather than a departure from it.
In the third quarter ended September 30, 2026, Renewables reported record pretax income of $63 million, which the company attributed to efficient operations and higher co-product values, and it recognized $27 million of 45Z tax credits from low-carbon strategies. The Andersons also said an ethanol de-bottlenecking project in Clymers, Indiana, remains on track to add 30 million gallons in mid-2027, and that it is pursuing additional opportunities to reduce carbon intensity at all plants.
HLCP’s roughly 215 million gallons of annual capacity would sit alongside that Clymers expansion and the four-plant, 506-million-gallon base the company presented at its 2025 investor day. The Andersons said the combination is intended to serve premium low-carbon markets rather than simply increase volume.
The purchase is expected to close in the fourth quarter of 2026 or early in the first quarter of 2027, subject to required regulatory approvals and other customary closing conditions.