Green Plains to acquire agribusinesses
US-based ethanol producer Green Plains Renewable Energy is set to purchase numerous agribusiness companies located in west Tennessee, US.
These include five grain elevators situated in Como, Dyer, Kenton, Trenton, and Union City, Tennessee, and have the capacity to store 11.7 million bushels. A wholly-owned subsidiary of Green Plains Renewable Energy, Green Plains Grain Company TN, will be the owner of these grain elevators
Based no more than 50 miles away from the Green Plains’ ethanol production facility in Obion, Tennessee, the firm is expected to close the deal within the next two days.
Todd Becker, president and CEO of Green Plains, said: ‘Expanding our agribusiness operations around our ethanol production facilities enables us to strengthen relationships with local producers and allows us to source corn more effectively.’
Green Plains will also acquire a number of grain and fertiliser inventories, as well as other agribusiness assets, under the deal’s terms and conditions. With the addition of these agribusiness assets, Green Plains will own a total of 13 grain elevators with a storage capacity of 30.3 million bushels.
Source Biofuels Internationals
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