By Tom Polansek
By Tom Polansek
CHICAGO, Jan 2 (Reuters) – Bunge Ltd BG.N ended its 13-year possession curiosity in an Iowa ethanol plant, the corporate stated on Thursday, following business struggles with skinny margins and overproduction.
Southwest Iowa Renewable Power, or SIRE, repurchased Bunge’s stake within the facility on Dec. 31, based on a press release.
U.S. ethanol producers say the business has suffered from the Trump administration’s expanded use of waivers to exempt oil refineries from mixing ethanol into gasoline. As of final month, some 13 vegetation had shut since November 2018, whereas others had briefly decreased manufacturing.
“As Bunge focuses our assets on our core companies, promoting our shares in SIRE, whereas sustaining a relationship, is a gorgeous alternative,” stated Andrés Martín, North America nation supervisor for Bunge.
Bunge had a 25% possession curiosity in SIRE, which operates the ethanol plant close to a Bunge oilseed…