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Turley family buys out Ethanol Europe Renewables from Fagen
Turley family buys out Ethanol Europe Renewables from Fagen
07.01.2016
The Turley family have acquired the 50% stake in Ireland-registered Ethanol Europe Renewables they did not already have from US-based joint venture partner Fagen Inc, The Sunday Times reported.
Accounts show that the Turleys bought out the bioethanol producer last year for an undisclosed sum, according to the report.
Ethanol Europe Renewables is the owner of Hungarian ethanol and animal feed producer Pannonia Ethanol. In 2014, the entire company generated revenues of EUR 170 million (USD 183m) and booked an operating loss of EUR 10 million.
The newspaper quoted directors Greg and Mark Turley as saying previously that the company planned to expand the Pannonia Ethanol plant and make it the largest in Europe. Currently, it uses over 1 million tonnes of corn annually to produce about 450 million litres of ethanol.