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Biofuels company Poet buys Indiana ethanol plant

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.

Poet is the nation's largest ethanol producer. With the purchase, the company will have 27 plants producing more than 1.7 billion gallons of ethanol a year.

Poet says the plant will create up to 45 jobs.