Pacific Ethanol achieves 100% ownership of the Pacific Ethanol plants

Pacific Ethanol, a producer and marketer of low-carbon renewable fuels in the US, has acquired the final 4% ownership interest in PE Op Co., the sole owner of the Pacific Ethanol plants, bringing the company's total ownership interest in PE Op Co. to 100%.

Neil Koehler, the company's president and CEO, says: 'We achieved our major milestone of regaining 100% ownership of the Pacific Ethanol plants, which has been an important initiative for the company since June of 2010. Our 100% ownership position improves our potential to generate net income and reduces administrative costs. It is valuable to have completed this process before we close the Aventine merger scheduled for 1 July.'

The purchase price of the final 4% ownership interest was $3.8 million (€3.4 million) in cash. On an aggregate basis, the company purchased its 100% ownership interest in PE Op Co. for $60.8 million, or $0.30 per gallon of capacity.