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|FutureFuels Corp. arose following Viceroy Acquisition's acquisition of Eastman SE, for ~$75 million, coming from existing resources.
"Eastman SE operates in the oil and gas industry and the Directors believe that it can be a meaningful participant in the alternative fuels markets and a leading producer of biodiesel by the end of 2007.
In 2005, Eastman SE began the implementation of a biobased products platform, including the production of biofuels (biodiesel, bioethanol and lignin/biomass solid fuels) and biobased specialty products (biobased lubricants, solvents and intermediates).
Eastman SE owns approximately 2,200 acres six miles southeast of Batesville in north central Arkansas. Approximately 500 acres of the site, fronting the White River, are occupied with modern batch and continuous manufacturing facilities, laboratories and infrastructure, including on-site liquid waste treatment. The plant is staffed by approximately 415 non-union employees. Substantial land and support infrastructure is available to support expansion and business growth. Eastman SE's plant is currently capable of producing 9 million gallons of biodiesel per year by batch processing, with production scheduled to increase to 24 million gallons per year by 31 October 2006 and to 160 million gallons per year by the end of 2007 and to 196 million gallons per year by April 2008.
..the Company intends to substantially increase production of biodiesel within Eastman SE, and to pursue commercialisation of other biofuel products, especially cellulosic-derived ethanol. In pursuing this strategy, Eastman SE will continue to establish a name identity in the business, leverage its BQ-9000 quality certification, secure local and regional markets and expand marketing efforts to fleets and regional/national customers. Concurrent efforts will also seek to enhance margins via volume increases, conversion cost reduction by transition to continuous processing, expand feedstock optionality, state legislative incentives and value-enhancing applications for glycerin co-product (from the biodiesel manufacturing process). The Directors intend that Eastman SE's biofuels platform will become a core segment of the business, while Eastman SE continues to pursue profitable growth of its existing specialty chemicals segment."
For information on Viceroy, short-lived though it was, see the VAC thread.
VAC + VACW, as of 31oct06, become FFU + FFUW|
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