MGP Ingredients to exit ethanol; too much volatility, says management

In Missouri, MGP Ingredients announced that it will exit the ethanol business and temporarily shut down its Pekins, Illinois-based corn ethanol plant, citing the volatility in ethanol demand and raw material prices as well as giant swings in oil prices. The company said that it could not create sustainable or predictable value for shareholders in ethanol market conditions. A total of 79 employees will lost their jobs at MGP< which said that it needed to raise additional financing to continue as a going concern.

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