Green Plains closes $48.9M deal for Global Ethanol

Green Plains Renewable Energy Inc. said Friday that it completed the $48.9 million acquisition of Global Ethanol LLC, which will boost the company's capacity by nearly one-third.

Green Plains also assumed $98.7 million in debt and paid $21.6 million to provide working capital for Global, raising its total spending on the deal to $169.2 million.

The company said that the Global plants, with 94 employees, would raise its capacity to 657 million gallons per year.

Green Plains operates eight ethanol plants in Indiana, Iowa, Michigan, Nebraska and Tennessee. It also sells and distributes ethanol from other producers.

Shares of Green Plains rose 54 cents, or 4.6 percent, to close at $12.29.

source: BW