BioFuel Energy Corp.: Workforce Reduction At Minnesota Plant
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Denver- Biofuel Energy Corp., an ethanol production company, announced today that it has reduced staffing at its Fairmont, Minnesota ethanol facility, resulting in the elimination of approximately forty full-time positions. The plant ceased ethanol production in September of 2012, and will continue to operate its adjacent grain storage facility with its remaining employees. The Company now expects the Fairmont plant to remain idle until this year's harvest season. The Company reported that its second plant in Wood River, Nebraska continues normal operations with full staffing.
This release contains certain forward-looking statements within the meaning of the Federal securities laws. Such statements are based on management's current expectations, estimates and projections, which are subject to a wide range of uncertainties and business risks. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether, or the times by which, our performance or results may be achieved. Factors that could cause actual results to differ from those anticipated are discussed in our Exchange Act filings and our Annual Report on Form 10-K.
BioFuel Energy currently has two 110 million gallons per year ethanol plants in the Midwestern corn belt.
Kelly G. Maguire
For more information:
Executive Vice President &
Chief Financial Officer