Say hello to our new corporate neighbor, Valero Energy Corporation. They just bought out bankrupt ethanol maker VeraSun.
"Investing in Excellence: Focused on the Future" toots their homepage slogan. Evidently that focus on the future doesn't recognize any excellence in the contracts VeraSun had with local farmers: San Antonio-based Valero says it won't honor the contracts VeraSun had with local farmers to pay prices negotiated when the corn market was a little better before VeraSun's bankruptcy. "We bought hardware, not contracts," says a Valero spokesperson. Clever devils.
Valero does at least promise to run the Aurora ethanol plant at full capacity. But farmers who thought they had their books balanced for the year will have the pleasure of renegotiating with a new batch of corporate sharks from Texas.
Forgive me if I don't send a basket of fruit to welcome Valero to town.
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