Biobased isobutanol and ethanol producer Gevo (Englewood, CO) says it has commenced a review of strategic alternatives and has retained Cowen & Company as a financial advisor. The company did not say whether or not that included a potential sale of the company.
“After careful consideration, including discussions with a range of stakeholders, we believe it is an appropriate time to undertake a comprehensive review of the company’s strategic and financial alternatives,” says Ruth I. Dreessen, Chairman of the Board of Directors of Gevo. “The Board is thoroughly committed to exploring strategic and financial alternatives while simultaneously supporting management in the development of Gevo’s technology and business. We believe that pursuing both of these paths is in the best interests of all of our stakeholders, including our stockholders, and is expected to maximize the value of Gevo.”
The company is expecting to produce 750,000-1 million gallons of isobutanol and 15 million gallons of ethanol at its Luverne, MN facility in 2016. Ethanol margins have been breakeven to slightly negative, but are improving, the company reported last month.
By Rebecca Coons
Source: Chemical Week
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