Neil Koehler, the company’s president and CEO, stated: "We achieved our major milestone of regaining 100% ownership of the Pacific Ethanol plants, which has been an important initiative for the company since June of 2010. Our 100% ownership position improves our potential to generate net income and reduces administrative costs. It is valuable to have completed this process before we close the Aventine merger scheduled for July 1st."
The purchase price of the final 4% ownership interest was $3.8 million in cash. On an aggregate basis, the company purchased its 100% ownership interest in PE Op Co. for $60.8 million, or $0.30 per gallon of capacity.
