The oldest ethanol plant in Indiana has been idled due to the economy.
The decision by New Energy Corp. in South Bend has reportedly prompted the lay off of 40 workers. The company is attributing the decision to “challenging economic conditions facing the ethanol industry.”
The company has been around for more than 20 years and the plant is up for sale.
The idling is planned for the winter months and owners hope to eventually call employees back, but there are no guarantees.
The company says high corn prices, high ethanol inventories and lower gasoline demand are some of the challenges facing the industry