Gavilon to buy Iowa-based Lincolnway Energy distiller's grains
CHICAGO Dec 3 (Reuters) - Ethanol producer Lincolnway Energy said it has struck a deal to sell the distiller's grains produced at its ethanol plant in Nevada, Iowa, to Gavilon Ingredients LLC.
Distiller's grains, a byproduct of converting corn into ethanol fuel, are used to make animal feed.
Lincolnway, in a filing with the U.S. Securities and Exchange Commission, said that under the Dec. 2 agreement, which takes effect Jan. 1, Gavilon is required to purchase all of the distiller's grains produced at the ethanol plant.
The agreement can be terminated after its initial term by either Lincolnway or Gavilon on 60 days' prior written notice, or in the event of a bankruptcy.
Gavilon was acquired by Japanese trading house Marubeni Corp earlier this year.
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