Jun 2 2015
CHS Inc., North America's leading farmer-owned cooperative and a global energy, grains and foods company, announced today it has acquired the Patriot Renewable Fuels ethanol plant from Patriot Holdings, LLC, Annawan, Ill.
The Annawan facility produces 125 million gallons of ethanol annually, and is the second ethanol plant that CHS has purchased. In June 2014, CHS acquired the former Illinois River Energy plant at Rochelle, Ill.
"CHS will pursue ethanol manufacturing ownership in strategic current and new geographies that allow us to add value for our owners across our ag business and energy enterprise from inputs to value-added fuel and feed ingredients to the marketplace," said Gary Anderson, CHS senior vice president, North America grain marketing and renewable fuels.
Gene Griffith, Patriot Holdings, LLC, chairman, president and CEO said CHS was a marketer of the plant's DDGS (distillers dried grains with solubles) and ethanol products. "CHS is the right fit to take this business to the next level," Griffith said. "The Patriot board of directors is confident that CHS is committed to continuing to grow the business, which bodes well for all suppliers delivering grain to the plant."
The facility will be rebranded as CHS. Its 68 employees will become CHS employees.
CHS Inc. is a leading global agribusiness owned by farmers, ranchers and cooperatives across the United States. Diversified in energy, grains and foods, CHS is committed to helping its customers, farmer-owners and other stakeholders grow their businesses through its domestic and global operations. CHS, a Fortune 100 company, supplies energy, crop nutrients, grain marketing services, animal feed, food and food ingredients, along with business solutions including insurance, financial and risk management services. The company operates petroleum refineries/pipelines and manufactures, markets and distributes Cenex® brand refined fuels, lubricants, propane and renewable energy products.
This document contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 that are based on management's current expectations and assumptions. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the potential results discussed in the forward-looking statements. The company undertakes no obligations to publicly revise any forward-looking statements to reflect future events or circumstances. For a discussion of additional factors that may materially affect management's estimates and predictions, please view the CHS Inc. annual report filed on Form 10-K for the year ended Aug. 31, 2014, which can be found on the Securities and Exchange Commission web site (www.sec.gov) or on the CHS web site www.chsinc.com.
Source: http://www.chsinc.com