Shareholders Approve Plant/Industries Purchase
Monday, July 29th, 2013 -- 8:32 AM
-Shareholders of the Stanley-based Ace Ethanol, LLC have approved the purchase of the Utica Energy Ethanol Plant and Utica Industries for $16.5 million dollars.According to the Wisconsin Ag Connection, during a special meeting on Friday, members voted in favor of purchasing the ethanol plant near Oshkosh after Ace submitted the highest bid for the property during a county bankruptcy auction in mid-July.
Ace Government Affairs Director Robert Sather says his company plans to reopen the plant later this fall and will hire back many of the same workers that were previously employed there. It will be run under the name Fox Valley Ethanol.
Utica Energy was built 10 years ago by the same owners who ran Olsen's Mill and Renew Energy in Jefferson. It has since been sold to investors after the Olsen venture collapsed and its divisions were auctioned off to various buyers to pay back debt.
The facility has the capacity to produce up to 60 million gallons of ethanol each year.
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