In line with our vision and strategic plan to increase our focus on our core business, we have announced on February 3 that Sanimax has entered into an agreement for the sale of its biodiesel facility in DeForest to Renewable Energy Group, Inc. (REG) (REGI: NASDAQ) and that we are completely withdrawing from biofuel production. REG, based in Ames, Iowa, is a public company listed on the NASDAQ stock exchange, and is the largest biodiesel refiner in the United States.
We are proud of what our teams have accomplished over the past eight years. The reasons behind this decision are simple. First, our business strategy is to focus on the areas of expertise that drove our success throughout our history. Next, in a context of increased market consolidation, the small biodiesel producers such as Sanimax do not have the necessary size to fully succeed in this biofuel industry.
I am very pleased with this transaction as it is perfectly in line with our business plan. It meets our objectives, and secures the jobs of our biodiesel plant employees with REG. We look forward to continuing our excellent business relationship with REG.
We wish to thank our employees who left to join REG for the work they have accomplished. They were the pioneers of this industry and helped build a successful business unit. This transaction with one of the world leading biodiesel producers is a testimony of their accomplishment.
President and CEO