REG purchases biodiesel plant from Ares
Biodiesel producer Renewable Energy Group (REG) is to acquire biodiesel assets from Ares Corporation.
Burlingame, California-based Ares is an engineering, risk management, software/IT and project management firm, which will invest an additional $8 million (€5.99 million) into REG in an all common stock transaction.
Ares previously owned the 15 million gallon-a-year facility in Clovis, New Mexico.
‘In support of RFS2 REG continued to expand its national footprint of production facilities and related logistics to better serve our growing customer base of regional and national business,’ said REG’s president and CEO Daniel Oh. ‘We consider this position in the Southwest to be a long-term, strategic move for our company.’
Richard Stuart, CEO at Ares commented: ‘REG has proven its leadership in the biodiesel industry and is exceptionally well placed to lead the industry recovery.’
Burlingame, California-based Ares is an engineering, risk management, software/IT and project management firm, which will invest an additional $8 million (€5.99 million) into REG in an all common stock transaction.
Ares previously owned the 15 million gallon-a-year facility in Clovis, New Mexico.
‘In support of RFS2 REG continued to expand its national footprint of production facilities and related logistics to better serve our growing customer base of regional and national business,’ said REG’s president and CEO Daniel Oh. ‘We consider this position in the Southwest to be a long-term, strategic move for our company.’
Richard Stuart, CEO at Ares commented: ‘REG has proven its leadership in the biodiesel industry and is exceptionally well placed to lead the industry recovery.’
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