Flint Hills to acquire Hawkeye plants
After signing an agreement to acquire two ethanol plants in Iowa, US, Flint Hills Resources has announced its plans to purchase the Hawkeye ethanol plants in Menlo and Shell Rock.
The two facilities, which both opened in 2008 and produced a total combined capacity of 200 million gallons of ethanol, are to change hands in September this year.
However with 15 staff working at each site, Flint Hills spokesman Jake Reint explained that operations will continue as normal as ownership only will change.
‘I think the biggest thing is it allows us to compete in the fuels market,’ Reint continued. ‘Renewable fuels are becoming a more important part of the nation’s fuel supply. You have a requirement that 36 billion gallons will have to be blended into fuel by 2022 so there’s a significant market out there that we’re excited to be competing in.’
The acquisition comes after Hawkeye Energy put its Iowa Falls- and Fairbank-based ethanol production facilities into bankruptcy in December 2009. The plants at Menlo and Shell Rock were not affected by the filing.
The two facilities, which both opened in 2008 and produced a total combined capacity of 200 million gallons of ethanol, are to change hands in September this year.
However with 15 staff working at each site, Flint Hills spokesman Jake Reint explained that operations will continue as normal as ownership only will change.
‘I think the biggest thing is it allows us to compete in the fuels market,’ Reint continued. ‘Renewable fuels are becoming a more important part of the nation’s fuel supply. You have a requirement that 36 billion gallons will have to be blended into fuel by 2022 so there’s a significant market out there that we’re excited to be competing in.’
The acquisition comes after Hawkeye Energy put its Iowa Falls- and Fairbank-based ethanol production facilities into bankruptcy in December 2009. The plants at Menlo and Shell Rock were not affected by the filing.
Loading ...
