Refining, chemicals and biofuels company Flint Hills Resources recently announced it will be purchasing Platinum Ethanol's plant in Arthur, Iowa. According to Reuters, the terms of the deal have not yet been released to the public, but it should close later this year and will bring Flint Hills' Iowa ethanol plant tally up to five.
Flint Hills is focused on the Midwestern state because it produces the most ethanol and corn in the nation, according to Reuters.
"The Arthur plant will be a strong addition to our biofuels business," Flint Hills CEO Brad Razook said in a statement. "This is a quality operation in one of the best corn-producing regions of the country and it's supported by a topnotch professional workforce."
The facility opened in 2008 and currently has 50 employees. Its ethanol production capacity is 110 million gallons per year. Flint Hills spokesman Jake Reint told The Sioux City Journal the company does not plan to make many changes to the ethanol plant.
Following the completion of this purchase, Flint Hills' ethanol plants combined will have an annual capacity of 660,000 million gallons, according to Reuters.