The Board of Directors announced the shareholders of Central Minnesota Ethanol Co-op (CMEC) have voted overwhelmingly to approve the Asset Purchase Agreement for the sale of CMEC’s Little Falls ethanol facility to Green Biologics Inc. (GBI).
CMEC and GBI executed the asset purchase agreement Oct. 15 and received formal shareholder approval at CMEC’s special shareholder meeting Nov. 27.
CEO Dana Persson said, “I speak for CMEC’s shareholders, employees, management, our corn growers and the Little Falls community at large in congratulating Green Biologics. We’re excited about their business plan and the leadership role GBI and Minnesota will play in bringing renewable chemicals to commercial reality.”
Persson said that current operations including corn purchases, manufacturing ethanol and co-products will continue in full force at CMEC until GBI’s purchase of the CMEC assets is completed in late 2014.
“Our employees will continue to produce and deliver high-quality products as usual, with no interruption of ethanol and co-products deliveries to our customers,” said Persson.
GBI has previously indicated that other than some brief maintenance and retrofit shutdowns, they will initially produce ethanol at CMEC, with an expectation to be producing bio-based chemicals by early 2016.
Established in 1995, CMEC is an ethanol production company based in Little Falls. Located in the northern Corn Belt, CMEC purchases 7.5 million bushels of corn annually and produces 21 million gallons of ethanol per year. The plant also generates revenue from ethanol co-products, including dried distillers grains, wet distillers grains, corn oil and syrup.
For more information, visit www.centralmnetha nol.com.