POET finalized discussions with Flint Hills Resources to acquire the Flint Hills' biofuels and ingredients businesses. The acquisition includes six bioprocessing facilities located in Iowa and Nebraska and two terminals in Texas and Georgia. POET, headquartered in Sioux Falls, S.D., will now operate 33 bioprocessing facilities across eight states with a combined annual capacity of 3 billion gallons. “This acquisition will increase POET’s ability to bring even more high-quality, plant-based biofuels and bioproducts to the world—allowing us to have an even bigger impact on fighting climate change and cleaning our air,” said POET Founder and CEO Jeff Broin in a statement. Flint Hills, a refining, biofuels and petrochemical company, is based in Wichita, Kan., and prior to the acquisition, was the fifth-largest ethanol producer in the United States. It was a wholly owned subsidiary of Koch Industries, Inc.
Clarification: The headline was updated to reflect that POET purchased only the biofuels and ingredients businesses.
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