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Biofuels company Poet buys Indiana ethanol plant

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Biofuels company Poet LLC has bought an Indiana ethanol plant.

The 90 million-gallon-per-year plant in Cloverdale, Ind., was opened and operated under Altra Biofuels for a short time in 2008.

Privately held Poet did not give a purchase price for the transaction, which closed Tuesday.

The Sioux Falls-based company says it should be ready to reopen the plant in about nine months.

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