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  OMAHA — The McCollister family industrial lubricants business has been sold to an Illinois farm co-op.

Former U.S. Rep. John Y. McCollister and his sons — John S., Steve and Bruce — sold the 75-year-old business to Growmark Inc. of Bloomington, Ill. The price was not disclosed.

“It’s a bittersweet time,” said chief executive John S. McCollister on Monday.

The company sales office in Omaha will close. The sale includes the main office and plant in Council Bluffs, Iowa.

“I imagine this is just the start of a fairly big push that they’ll make,” McCollister said of Growmark.

Growmark CEO Bill Davisson said the Bluffs plant will be added to Growmark’s energy division, which includes FS brand lubricants.

McCollister & Co. was founded by John M. McCollister in 1931. There is no fourth generation of family members ready to assume control, said Steve McCollister, executive vice president.

ADM earnings easily beat xpectations

DECATUR, Ill. — Agricultural processor Archer Daniels Midland Co. said Tuesday its fourth-quarter profit more than doubled, fueled in part by ethanol prices.

The results easily topped Wall Street’s expectations.

Quarterly profit totaled $410.3 million, or 62 cents per share, compared with a profit of $195.5 million, or 30 cents per share, during the same period last year.

Analysts surveyed by Thomson Financial had estimated a profit of 52 cents per share.

Revenue edged up 1 percent to $9.55 billion from $9.42 billion last year.

ADM said oilseeds processing operating profit grew 61 percent to $195 million, helped by market conditions. ADM owns a soybean processing plant in Lincoln Corn processing operating profit increased 69 percent to $286 million due to better ethanol and sweetener selling prices and volumes.

Earnings from its bioproducts division, consisting mostly of ethanol, leaped to $174 million from $25 million.

— From news wires

OMAHA — The McCollister family industrial lubricants business has been sold to an Illinois farm co-op.

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