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Pacific Ethanol to Purchase Corn Ethanol Plant (PEIX)
Pacific Ethanol, which posted a second quarter loss of 2.2 million, is attempting to purchase Phoenix Bioindustries and its ethanol plant in Goshen, CA. If the deal goes through, this will put Phoenix in control of the first ever corn-to-ethanol plant in California. Currently, Pacific Ethanol is only involved in distributing ethanol. The purchase of the plant will allow them to break into the far more lucrative production channel, with average profit margins of 15-30%. Pacific Ethanol is also working on a plant of its own in Madera, CA. As CEO Ryan Turner says, “Those plants are really profitable from the day they turn on.”
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