CHS Inc concludes 2nd ethanol plant buy in Illinois
US agribusiness cooperative CHS Inc (NASDAQ:CHSCP) said Monday it had finalised its acquisition of an ethanol plant owner and operator in Annawan, Illinois state, from Patriot Holdings LLC.
The Patriot Renewable Fuels facility has an annual output of 125 million gallons (473.2 million litres). The plant employs some 68 people who will be retained by CHS.
CHS has been acting as marketer of Patriot Renewable Fuels’ distillers dried grains with solubles (DDGS) and ethanol, Patriot Holdings head Gene Griffith, noted. The value of the acquisition deal remained undisclosed.
The transaction marks CHS’ second ethanol plant takeover, after last June it purchased Illinois River Energy LLC in Rochelle city from UK-based Sinav Ltd. “CHS will pursue ethanol manufacturing ownership in strategic current and new geographies that allow us to add value for our owners,” senior vice president, Gary Anderson, said.