Omaha-centered ethanol manufacturer Green Plains reported Tuesday it procured a vast majority interest in the Cedar Rapids enterprise Fluid Quip Technologies, expressing the deal will assistance the corporation grow output of new, high-protein merchandise.
New York investment decision firm Ospraie Management partnered in the buy, Environmentally friendly Plains stated in a assertion. The corporations declined to launch the purchase cost
Environmentally friendly Plains claimed Ospraie Management purchased 550,000 warrants, which are equivalent to inventory shares, at $22 every.
The value of Environmentally friendly Plains’ publicly traded shares rose 14% Tuesday on the news, climbing $1.81 to near at $14.62.
The companions claimed Fluid Quip Systems would keep all of its 51 workers.
Green Plains reported the acquire allows the enterprise to fast install engineering that expands manufacturing of superior-protein pet food stuff, aquaculture and animal feed products at its facilities as well as supply the technologies to other biofuel brands.
Inexperienced Plains CEO Todd Becker mentioned the partnership with Fluid Quip and Ospraie accelerates the company’s “transformation from a commodity-processing enterprise to a price-include agriculture, food items technological know-how and industrial biotechnology business.”
“This partnership will aid progress the set up of Ultra-Superior Protein know-how across our system, appreciably raise our renewable corn oil manufacturing to take part in the escalating small-carbon gasoline markets and the renewable diesel price chain, even more push reduction of our operating costs and considerably extend our item choices,” Becker explained in a assertion.
Green Plains makes a byproduct from ethanol output called distillers grain, a livestock feed that authorities say usually has about 27% protein. Eco-friendly Plains suggests its Extremely-Significant Protein has protein articles of at the very least 50%.
Environmentally friendly Plains suggests the engineering will add value to the products and solutions that arrive from its biofuels amenities, two of which are situated in Iowa — Top-quality and Shenandoah.
John Kwik, a partner of Fluid Quip Systems, claimed the offer enhances the company’s “development trajectory and economical power.”
“We will now be able to speed up the development of innovative systems that will travel transformational transform to how agricultural products get used,” he reported in a statement.
Donnelle Eller addresses agriculture, the ecosystem and vitality for the Sign-up. Access her at [email protected] or 515-284-8457.