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Rex Increases Stake in NuGen’s South Dakota Ethanol Plant to 98%

Nov. 2 (Bloomberg) -- 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.

Link to Statement:{NSN LU15803V7UAE <GO>}

Link to Company News:{REX US <Equity> CN <GO>} Link to Company News:{3677548Z US <Equity> CN <GO>} Link to Company News:{3678317Z US <Equity> CN <GO>}

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Will Wade at wwade4@bloomberg.net

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