NEW BOSTON, BOWIE COUNTY - Renewable Energy Group (REG) has acquired a 15 million gallon-per-year biorefinery at 280 Texas Ave. The company paid $300,000 in cash and issued 900,000 shares of its common stock to North Texas Bio Energy for the multi-feedstock biorefinery 22 miles west of Texarkana.
The purchase marks REG’s second Texas biodiesel production facility, following a 2008 acquisition of a Houston-area plant.
The New Boston facility began production in June 2008 and sat idle for four years.
The plant will undergo some construction and minor upgrades prior to the facility’s start-up, which is expected in first quarter 2013. REG expects to hire nearly 20 full-time, green-collar employees, providing family wage jobs and full benefits.
Other indirect jobs include truck drivers for the hundreds of inbound and outbound trucks that will channel through the plant each month.
Source: Renewable Energy Group
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