Hastings AGP Corn Processing Plant Decides On Permanent Shutdown
Ag Processing Inc. has announced that its corn processing plant in Hastings will be closed permanently due to "challenging economic conditions."
AGP had been on an extended shutdown since February when it said they would be taking the time to evaluate the future of the plant.
After the initial shutdown, AGP CEO and General Manager Keith Spackler said, "The decision to shut down our corn processing plant in Hastings was very difficult due to the employees affected and the loss of an important market outlet for area farmers. Our facility, like other corn processing plants in the Midwest, continues to experience negative margins due to higher corn prices driven by ongoing drought conditions, and lower ethanol prices."
Forty-three people were put out of a job when the plant shut down.
The cooperative also operates a soybean processing plant, a vegetable oil refinery and an AminoPlus production facility in Hastings which will be remaining open.