CHS signs agreement to acquire Illinois River Energy ethanol plant
© Copyright Agri-Pulse Communications, Inc.
ST. PAUL, Minn., April 30, 2014 - CHS, Inc., North America's leading farmer-owned cooperative and a global energy, grains and foods company, today announced it has signed an agreement with Sinav Limited, London, England, to acquire 100 percent of the company's stock, which includes Illinois River Energy, LLC, a 133-million-gallon-per-year ethanol plant at Rochelle, Illinois.
Providing all conditions are met, the transaction is expected to close in June.
"Illinois River Energy is a top-tier ethanol plant, well-situated in a strategic growth area that will add value to our farmer-owners through expanded grain origination, additional renewable fuels gallons and distillers grain by-products," said Mark Palmquist, CHS executive vice president and chief operating officer of Ag Business.
CHS markets renewable fuels to energy customers across the U.S. and through 1,400 Cenex-branded retail petroleum outlets, including more than 1,000 Cenex convenience stores, and markets dried distillers grains with solubles (DDGS) globally on behalf of more than 20 ethanol plants across the United States.
"We have enjoyed a strong business relationship with CHS as they have been our ethanol marketer since the start of Illinois River Energy operations in 2006. Today, we look forward to formally joining CHS and adding value to the global cooperative as an ethanol, DDGS, and distillers corn oil producer," said Richard Ruebe, CEO of Illinois River Energy.
CHS Inc. (www.chsinc.com) is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries and pipelines and manufactures, markets and distributes Cenex brand refined fuels, lubricants, propane and renewable energy products.
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