Valero Purchases Plant at Indiana Port
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA subsidiary of Texas-based Valero Energy Corp. (NYSE: VLO) has purchased an ethanol plant at the Port of Indiana-Mount Vernon. The company hopes to reopen the facility later this year.
March 21, 2014
News Release
Mount Vernon, Ind. — Valero Energy Corp. has announced the purchase of the 110-million gallon ethanol plant at the Port of Indiana-Mount Vernon through its subsidiary Valero Renewable Fuels Co.
Valero Energy is the ninth largest company in the U.S. and an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,000 people and Valero Renewable Fuels Co. now owns 11 ethanol plants, including two in Indiana.
The Mount Vernon plant was purchased from Aventine Renewable Energy with initial plans to reopen the idled facility later this year.
Ports of Indiana CEO Rich Cooper lauded the transaction, noting that it is Valero Renewables' first ethanol facility located at a major port on the inland waterway system.
“This facility will provide Valero with a tremendous strategic advantage in the production and distribution of ethanol,” said Ports of Indiana CEO Rich Cooper. “When you combine the resources and expertise of a world-class company like Valero with one of the world's richest grain producing regions and the port's multimodal capabilities, there's a strong likelihood this plant will once again be one of the largest ethanol producers east of the Mississippi River.”
The Port of Indiana-Mount Vernon is the state's largest public port by area and cargo shipments, and is one of the closet major ports to the confluence of the Ohio and Mississippi rivers. The 1,200-acre port handles over 2,000 barges per year of grain, coal, ethanol, dried distillers grain, fertilizer, steel, minerals and heavy lift cargoes, and provides connections to five Class I railroads.
“This ethanol plant is a very important facility for the port and the Southwest Indiana region,” said Phil Wilzbacher, port director for the Port of Indiana-Mount Vernon. “Valero's investment into the facility will have a positive impact for farmers, agribusiness, industrial service providers, truck, rail and barge operators, as well as many other area businesses. We are pleased to welcome Valero to the already impressive list of companies in our port and the region.”
Source: Ports of Indiana