Cardinal Ethanol continues to upgrade facility despite weak 2016 results

In Indiana, Cardinal Ethanol plans to continue expanding in 2017 following its $16.5 million upgrade completed in September and 64-acre land purchase. On the cards for this year is another $9 million for storage and a rail track in addition to $4.4 million for a fermenter, another cooling tower cell and a beer degasser. An SEC filing showed 2016 net income slipped from previous years to $13.5 million compared to $38.7 million in 2015 and $87.2 million in 2014.