MGP Ingredients, Inc may sell its Pekin distillery. Company CEO and president Tim Newkirk mentioned this possibility in the company’s Fiscal Year 2009 2nd Quarter Report:
While we hope to reopen the Pekin plant, we have to be realistic about our financial needs and determined on February 5 to explore other options during the shutdown, including the possible sale of the plant.
It seems highly unlikely for MGP Ingredients to operate its Pekin plant solely for production of food-grade alcohol, which is currently less than 14 million gallons annually, compared to its 90 million gallon capacity. Expect the company to announce the permanent closure of this plant before the end of the planned 90-day shutdown.
Hopefully, a buyer can be found. One possiblity is for the plant to revert to its former purpose, as there is growing demand overseas for American-made whiskey, as this AP article attests.
- David P. Jordan
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