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REG completes acquisition of biodiesel plant, restart scheduled for year-end

4:27 AM MDT | August 7, 2013 | Francinia Protti-Alvarez

Renewable Energy Group (REG; Ames, IA) says it has completed the purchase of a 30-million gal/year biodiesel plant at Mason City, IA. REG acquired the biorefinery for $11 million in cash and the issuance of a $5.6-million promissory note. Because of a postclosing adjustment, the note was reduced to $5.1 million. "REG Mason City helps us move forward with our growth strategy,” says Daniel Oh, president and CEO of REG. REG, utilizing an integrated value-chain model, focuses on converting natural fats, oils, and greases into advanced biofuels. REG plans...

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