Great Lakes Cooperative OKs merger with Green Plains Renewable Energy

In Iowa, members of the Great Lakes Cooperative approved a merger with Green Plains Renewable Energy by a vote of 718 to 174. The Cooperative, which recorded $146 million in revenues in 2007, specializes in grain, feed and fuel products in Iowa and Minnesota with operations in seven northern Iowa locations. The merger gives Green Plains access to a reliable supply of corn for its biofuel production stream.

Green Plains Renewable Energy (GPRE) and the Great Lakes co-operative annoucned the potential merger last September, in an agreement that brought together Great Lakes’ corn production capacity with Green Plains’ manufacturing, financial and marketing capabilities.

The origin of the deal is reported to be efforts by Great Lakes to provide corn for Green Plains’ 50 Mgy Superior, IA plant, scheduled to open in 2008. The company opened its 50 Mgy corn ethanol plant at Shenandoah, IA last year.

Under the merger agreement, co-op members will receive a combination of cash and stock.

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