10 July 2001 22:21 [Source: ICIS news]
HOUSTON (CNI)--Cargill said Tuesday it is selling its liquid carbon dioxide (CO2) business to Epco Carbon Dioxide Products for an undisclosed sum.
The sale is effective 13 July, Cargill said, and includes a liquid carbon dioxide plant at Cargill's corn milling facility in Eddyville, Iowa.
The companies said Epco would retain its own staff for its operations. Cargill employees who worked in the carbon dioxide area have been resigned to other positions within Cargill.
No additional information on the transaction was available.
Said Terry Jaffoni, assistant vice president and commercial director for Cargill's ethanol and carbon dioxide businesses in a statement: "Industrial gas is not a core business for Cargill. Epco specialises in carbon dioxide product sand is therefore in a better position to expand the business."
Cargill will sell raw carbon dioxide gas to Epco for use in making finished liquid carbon dioxide at the Eddyville plant.
As part of the agreement, Epco will open a second manufacturing facility at Cargill's Blair, Nebraska plant by February of next year.
Cargill of Minneapolis, Minnesota is an international marketer, processor and distributor of agricultural food, financial and industrial products and services.
Epco of Monroe, Louisiana is a privately held firm that specialises in customised solutions for carbon dioxide users.
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