Canadian company SunOpta Inc. said it sold the majority in its cellulosic ethanol unit to US biofuels company Mascoma Corp. for $51 mln to focus on its core natural and organic foods business.

Mascoma will own about 73% of the new company, called Mascoma Canada, while SunOpta will keep about 18% and the rest will be owned by the company itself. The unit has been posting losses since 2007.

SunOpta had earlier unveiled plans for a 10 mln gallon cellulosic ethanol project in Little Falls, Minnesota. Mascoma operates a 0.2 mln gallon cellulosic ethanol plant in Rome, New York since early 2009 wit a biochemical conversion route.

source: agra-net

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