Cedar Rapids-based Fluid Quip Technologies has been acquired by Omaha-based ethanol manufacturer Green Plains Inc.
Green Plains announced Tuesday it acquired majority interest in Fluid Quip, which develops new technologies and processes for the biofuels and biochemical industries, as part of a joint transaction with Ospraie Management, according to a news release.
With growing interest in the protein space, this partnership will leverage strong capabilities to help defend and protect the Fluid Quip IP portfolio from infringement,” said John Kwik, partner of Fluid Quip Technologies in a statement.
The partners said Fluid Quip Technologies would retain all of its employees.
“The partnership between Fluid Quip, Ospraie, and Green Plains will accelerate our path to our 2023 transformation from a commodity-processing business to a value-add agriculture, food technology and industrial biotechnology company focusing on creating diverse, non-cyclical, higher margin products while improving the environmental and carbon footprint of food and feed,” said Todd Becker, president and CEO of Green Plains.
The terms of the transaction were not disclosed.