said it would restructure its processing group, refocusing the lawn business mostly on the professional market.
"We will serve all sectors of the industry," said CEO Mike Anderson. "However, we will concentrate on customers and products where we can add value."
The Maumee, Ohio, company said it expects the move to reduce working capital, labor and benefit costs, because of a new product mix. The company expects to incur severance costs of roughly $1 million, but that shouldn't hurt 2005 earnings.
Tom Waggoner, formerly vice president of sales and marketing for the group, will assume the president's role. Rick Anderson, president of the processing group, will leave the company to pursue other opportunities.
"I feel good about the new direction of this business unit," Mike Anderson said, "and I am committed to return this unit to profitability."
On Thursday, shares of The Andersons rose 4 cents to $35.62.