Rex American Resources Corp., a partial owner of six U.S. corn-based ethanol plants, increased its ownership in a South Dakota facility to 98 percent.
Rex American paid $12.7 million to increase its stake in NuGen Energy LLC from 48 percent, the Dayton, Ohio-based company said today in a statement. Rex also provided $7 million to reduce NuGen’s long term debt. The plant in Marion, South Dakota, produces 100 million gallons (379 million liters) of fuel a year. NuGen is a unit of Central Farmers Cooperative and local farmers own the remaining 2 percent of the facility.