China Integrated Energy closes acquisition

China Integrated Energy, Inc. has closed the acquisition of a 50,000 metric ton biodiesel production facility located in Chongqing city, China, from Chongqing Tianrun Energy Development Co. Ltd. The company expects to ramp up production and distribution of biodiesel products from this facility immediately after the acquisition. The acquired facility uses first generation biodiesel production technology, similar to the production process used in the company’s current 100,000-ton plant. The company is paying approximately US$16.5 million in cash for the Chongqing Tianrun biodiesel facility. The completion of the newly-constructed 50,000-ton biodiesel facility has been slightly delayed, due to recent inclement weather and a holdup on equipment clearance by customs. However, the company expects to commence testing and ramp-up of the newly constructed biodiesel facility in December. (October 26, 2010)