JEFFERSON, Wis. (AP) — A Texas company that operates seven ethanol plants in four states is the winning bidder to purchase a bankrupt ethanol plant in southern Wisconsin.
Valero Energy Corp. of San Antonio said it will buy the Renew Energy plant in Jefferson for $72 million, if the purchase is approved by federal antitrust regulators.
Valero was one of four bidders for the plant, which can produce 110 million gallons of ethanol per year.
The Journal Sentinel reports Renew filed for bankruptcy protection from creditors earlier this year. It notified the state that 70 employees would be out of work if a buyer could not be found.
Information from: Milwaukee Journal Sentinel, http://www.jsonline.com