FAIRMONT, Neb. -- South Dakota-based ethanol company POET has purchased the biofuels assets of Flint Hills Resources, including an ethanol plant in southeast Nebraska.
POET is based in Sioux Falls, S.D. Company officials say they are increasing their production to 33 biofuels production plants in eight states and will have the capability of producing 3 billion gallons annually.
The deal announced this week includes the Flint Hills plant in Fairmont, along with five ethanol plants in Iowa, and distribution terminals in Texas and Georgia.
Flint Hills, which is based in Kansas, is a subsidiary of Koch Industries.
The transaction includes the subsidiary's entire biofuels portfolio. Flint Hills also has oil refineries and makes other products, including chemicals and asphalt.
POET also makes other products including distillers dried grains, a high protein animal feed and corn oil.
Details of the transaction were not released.
