POET Talks Ethanol Buyout

By KSFY Action News
Story Created: Nov 24, 2008 at 9:06 PM CST
Story Updated: Nov 24, 2008 at 10:49 PM CST

Action News has learned that Sioux Falls-based POET is in buyout talks with other ethanol producers.

After spending much of Monday in closed-door meetings on the matter, CEO Jeff Broin confirmed his company is exploring buyout options. However, he declined to specify which companies he's meeting with or how long he anticipates the process might take. But of the buyout, Broin sent KSFY the following statement:

"POET remains profitable despite the current economic challenges facing the ethanol industry thanks to careful risk management and proprietary technology that makes our process for producing ethanol extremely efficient.

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