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Green Plains shuts plant, faces ethanol downturn

Green Plains Inc, the nation’s fourth-largest ethanol producer, has permanently shuttered a Virginia production plant and cut output at several other facilities as it tries to navigate a supply glut that has pummeled biofuel profits. Green Plains announced that it was closing a plant in the town of Hopewell that had capacity to produce 60 million gallons annually. Thirty-one jobs will be cut, it said in a news release. With ethanol plants in Corn Belt states such as Iowa and Illinois struggling to make money, further-flung facilities have been under even more pressure as bringing in corn from far away boosts feedstock costs.

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Reuters
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