Ethanol plant’s parent company buys Wades’ grain elevators
Posted: Wednesday, April 21, 2010 8:59 pm
Green Plains Renewable Energy Inc. announced it is acquiring agribusiness operations in West Tennessee, including five grain elevators with grain storage capacity of 11.7 million bushels.
All of the agribusiness assets are held by companies owned by the Tom Wade family and Farmers Grain of Trenton LLC. The five grain elevators are located in Como, Dyer, Kenton, Trenton and Union City. With the addition of these agribusiness assets, the company will operate 13 grain elevators with 30.3 million bushels of grain storage capacity.
All of the grain elevators are located within 50 miles of the company’s Obion ethanol production facility. As part of the definitive agreements, the company also agreed to acquire certain grain and fertilizer inventories and other agribusiness assets.
“We are pleased to add these strategic assets to our diversified platform,” said Todd Becker, president and chief executive officer of Green Plains Renewable Energy, which is based in Omaha, Neb. “Expanding our agribusiness operations around our ethanol production facilities enables us to strengthen relationships with local producers and allows us to source corn more effectively.”
“Green Plains Renewable Energy has a solid reputation in agribusiness and ethanol production, and I am confident that our customers will continue to receive exceptional service and competitive prices at each location,” said Will Wade, representative of the companies owned by the Tom Wade family. “Our employees and our facilities will continue to grow and thrive as part of the Green Plains team.”
Published in The Messenger 4.21.10