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The Andersons Announces Intent to Sell Interest in Tireman

17 January 2000

The Andersons Announces Intent to Sell Interest in Tireman

    MAUMEE, Ohio, Jan. 14 -- The Andersons, Inc.
today announced it has signed a letter of intent to sell its share of The
Andersons Tireman Auto Centers to a management group consisting of its joint
venture partner, privately owned World Tire Corporation, and Randy Jones,
currently Tireman general manager.  The principals of World Tire are Bill and
Brad Cox.  Jones will become president of Tireman.
    A definitive purchase agreement will follow.  Terms of the agreement were
not disclosed.
    The Andersons and Toledo-based World Tire formed the joint venture in
1981.  Since then, the business has grown steadily in the number of locations,
employees and revenues.  Tireman sells tires, batteries and automotive service
at 10 locations in northwest Ohio, with sales of light truck and passenger car
tires representing about half of the business.  Total annual retail sales are
approximately $12 million.  The change in ownership is expected to have no
impact on the business; brands, service and product offerings will remain the
same.
    According to Mike Anderson, president and chief executive officer of The
Andersons, "The Andersons has had a solid and very satisfying business
relationship with Tireman.  It has been a successful venture for both parties.
However, as we sharpen our focus on The Andersons' core businesses, we feel
the time is right to sell our interest in Tireman to our partner, who is basic
in the automotive market."
    Bill Cox, current president of World Tire, said "I'm grateful to The
Andersons for their contributions to the growth of Tireman.  At the same time,
I'm very excited about this opportunity.  World Tire's roots are in the tire
and automotive repair industry.  We will now be able to grow this business
with an ownership and management team that is zeroed in on one industry.  We
will be able to become even more competitive with World Tire's direct
manufacturer relationships."
    The Andersons, Inc is a respected leader and dominant regional player in
the grain industry.  This strong position in its basic business has allowed
the company to diversify into other agribusiness operations, several
processing and manufacturing businesses, and general merchandise retailing.
The company has been in operation since 1947.
    The Andersons, Inc. can be reached on the Internet at
http://www.andersonsinc.com .