Bunge ended its 13-year ownership interest in an Iowa ethanol plant, the company said on Thursday, following industry struggles with thin margins and overproduction, Reuters reports.
Southwest Iowa Renewable Energy, or SIRE, repurchased Bunge’s stake in the facility on Dec. 31, according to a statement.
Bunge had a 25% ownership interest in SIRE, which operates the ethanol plant near a Bunge oilseed processing facility in Council Bluffs, Iowa, according to an annual report Bunge filed last year with the U.S. Securities and Exchange Commission. The plant’s other owners are primarily agricultural producers in southwest Iowa, the filing said.
