Jeff Broin Resumes Role As POET CEO

Jeff Broin, founder of POET, has resumed his role as the company’s CEO after stepping into the Executive Chairman role for the last three and one-half years.

“A few years ago, I wanted to slow down a bit, be less involved in the affairs of POET and have time to do other things and spend more time with my family. In the last few years I have been able to work on broader industry and ag issues, get our new foundation – Seeds of Change – up and running and support several third-world causes. However, I also found myself continuing to work regularly on company issues. The fact is, my passion and love for this company, our industry, agriculture and the people I work with is just too great. I guess you could say my heart has always been in this company. We have so many great opportunities in front of us to change the world, and I think I can be of most value moving forward by serving as CEO,” Broin said.

Jeff Lautt has been CEO and will continue to manage the day-to-day operations of POET as President and Chief Operating Officer. Broin stressed the success of POET under his leadership. 

“Jeff [Lautt] has done an outstanding job as CEO of POET. He’s been an effective and gracious leader for our team members and investors. In fact, 2014 was a record year at POET, and our cellulosic venture – Project LIBERTY – is advancing toward full operations. I could not have asked for a better person to take on this role, and POET will continue to benefit from his direction as President,” Broin said.

“No one is more passionate about this company and industry than Jeff Broin. This business is in his blood,” Lautt said. “He built a world leader, and it’s no surprise that he would want to continue that work. I’m honored to have been entrusted as CEO of POET over the last few years, and I look forward to continuing my leadership as President and COO.”

After early small-scale ethanol production on the Broin family farm, POET got its start in 1987 with the purchase of a 1 million gallon-per-year ethanol plant in Scotland, S.D. From there, the company has grown to be one of the largest ethanol producers in the world, with 1.7 billion gallons of production today from 28 plants in seven states. 

With a focus on research and market development, POET has pioneered new efficiencies in biofuels production as well as development and improvement of co-products to make ethanol the most competitive, renewable, domestic fuel in the market today. POET, along with the Dutch life sciences company DSM, is working to license cellulosic ethanol technology to further grow the world’s supply of sustainable transportation fuel.

Green Plains Completes Acquisition Of Texas Ethanol Facility

Green Plains Inc. announced today that it has completed the acquisition of an ethanol facility located in Hereford, Texas. The Hereford facility is the company's fourteenth ethanol plant, bringing Green Plains' total production capacity to more than 1.2 billion gallons per year.

The company expects to offer the facility's transportation and storage assets to its master limited partnership, Green Plains Partners LP.

Green Plains to Purchase Texas Ethanol Facility From Murphy USA

Green Plains Inc. and Murphy USA Inc. announced today that they have signed a definitive agreement regarding the purchase by Green Plains of Murphy USA's ethanol production facility located in Hereford, Texas. Under the terms of the agreement, Green Plains will acquire Hereford Renewable Energy, LLC for approximately $93.8 million, subject to customary closing adjustments. The transaction value includes $78.5 million for the ethanol production facility with the balance for working capital. The transaction is expected to close this month subject to customary closing conditions and regulatory approvals.

The facility is a Lurgi-designed, ICM-modified ethanol plant with approximately 100 million gallons per year of production capacity, a corn oil extraction system and other related assets.

"The Hereford facility has many strategic and financial advantages over other destination plants because of its location, leading to both export and domestic market opportunities for ethanol and distillers grains," commented Todd Becker, president and chief executive officer of Green Plains. "Because it is located near the largest concentration of cattle in the world, with over a million head of cattle fed within a 50-mile radius, the plant can produce a low carbon intensity fuel which is typically sold for a premium to ethanol produced at most other plants."

Andrew Clyde, president and CEO of Murphy USA, added, "The Hereford facility has become a high-performing facility and we want to recognize the commitment of the Hereford employees who executed the two-year turnaround plan and established a track record of consistent, strong performance. Their commitment created the opportunity for us to attract a prominent, long-term focused buyer such as Green Plains who can build on the progress demonstrated to date at Hereford. This transaction reinforces Murphy USA's strategic intent of selling our non-core assets in a manner that captures the most value for our shareholders."

The facility's production capacity is complemented by a shuttle unload facility that can unload 40,000 bushels of corn per hour, a double-loop track that holds two unit trains at a time and a grain handling system with over 4.8 million bushels of storage. The plant also has 4.5 million gallons of ethanol storage capacity.

"We intend to utilize this asset and its shuttle train unload capability to serve the local market with corn and distillers grains produced in the Midwest to further improve the overall economics of the facility," stated Becker. "The value of this acquisition goes well beyond just producing ethanol."

The company will offer the facility's transportation and storage assets to its master limited partnership, Green Plains Partners LP.