21 April 2009 23:10 [Source: ICIS news]
HOUSTON (ICIS news)--US biodiesel and oleo chemical producer Twin Rivers Technologies has cut its top management as the company tries to fine-tune its business strategy amid bleak markets, sources said on Tuesday.
Sources close to Twin Rivers said the Massachusetts-based company jettisoned its president and executive vice president, among other staff. A company representative declined to comment, but said a public announcement on the matter would be made within the next few days.
Twin Rivers started its 35m tonne/year glycerine refinery last fall at the height of the global commodity boom. It then delayed marketing its material due to a prolonged quality certification process, which market sources said may have led to it having to stockpile inventory just as global glycerine prices crumbled.
The company runs a 60m gal/year biodiesel refinery in Cincinnati, Ohio, and also manufactures fatty acids. It reported $200m (€154m) and 220 employees for 2007, according to market research service Hoovers.
($1 = €0.77)
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