Pacific Ethanol gets 100pc ownership its plants subsidiary

Pacific Ethanol gets 100pc ownership of its plants subsidiary

5:30 AM, 23rd June 2015
Pacific Ethanol gets 100pc ownership of its plants subsidiary
Neil Koehler, president and CEO, Pacific Ethanol. (File photo)

SACRAMENTO, US: Pacific Ethanol Inc said it acquired the final 4 percent ownership interest in PE Op Co, the sole owner of the Pacific Ethanol plants (bringing the total ownership interest in PE Op Co to 100 percent) for $3.8 million in cash.

On an aggregate basis, the company purchased its 100 percent ownership interest in PE Op Co for $60.8 million or $0.30 per gallon of capacity.

“We achieved our major milestone of regaining 100 percent ownership of the Pacific Ethanol plants, which has been an important initiative for the company since June of 2010. Our 100 percent 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,” said Neil Koehler, president and CEO, Pacific Ethanol.

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