2012 Business Highlights
- BioProcess Algae initiated and completed construction of Phase III Grower Harvester TM reactors in Shenandoah, Iowa. Construction of Phase IV, involving an additional 4.25 acres of reactors and a new downstream processing facility, has begun with completion expected in September 2013. BioProcess Algae and a subsidiary of Bioseutica BV entered into a commercial agreement for the production of EPA-rich Omega-3 oils for use in concentrated EPA products for nutritional and/or pharmaceutical applications. Under the agreement, BioProcess Algae will supply microalgal oils which will be refined by Bioseutica to produce highly-concentrated vegetable sourced EPA oils.
- In December, BlendStar LLC, a wholly-owned subsidiary of Green Plains, completed construction and began operations at its 96-car unit train terminal in Birmingham, Ala. The terminal is served by the BNSF Railway and has a throughput capacity of 300 million gallons of ethanol annually. This facility expands the geographic footprint of the Company's downstream distribution capabilities. The Birmingham terminal has 160,000 barrels of storage and a four-lane covered truck rack, both with expansion capabilities.
- Green Plains completed the sale of 12 grain elevators located in northwestern Iowa and western Tennessee in December 2012. The sale included approximately 32.6 million bushels of the Company's reported agribusiness grain storage capacity and all of its agronomy and retail petroleum operations. The sale resulted in an after-tax gain of $26.3 million which is included in fourth quarter 2012 results.
- In March 2012, Green Plains repurchased 3.7 million shares of its common stock from a subsidiary of NTR plc for $37.2 million. The Company issued a one-year promissory note for $27.2 million and paid cash for the balance of the repurchase.