Biofuels Producer Green Plains Plans Revamp as Shares Plunge
- Ethanol maker posts wider-than-expected quarterly loss
- Shares drop as much as 20%, the most since March 2020
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Green Plains Inc. said it is reorganizing to slash costs as Chief Executive Officer Todd Becker struggles to expand the biofuels company into a seller of high-value products made from corn. Shares fell as much as 20%, the most since March 2020.
The CEO on Friday blamed a weak domestic ethanol market as it posted a much wider-than-expected loss.