Involuntary termination will not affect the Luverne plant employees.
Gevo Inc. dealing with biofuel production from the renewable raw materials announced downsizing it’s headquarter based in the city of Englewood at the state of Colorado. It is expected to release 23 employees from 56 workers. Pat Gruber Gevo Inc. Chief Executive Officer informed that because the production technology research was almost over, there was no need to keep a big payroll. Besides it will help to cut company’s expenses.
Beforehand Mr Gruber transferred a quarter of his annual salary into the company’s budget.
It is also worth noting that the company did not come to favorable balance and its budget amounted to $ 14 mln last September being reduced by $1 mln every month.
Now the company is focused on isobutanol production from corn and genetically modified yeasts. The production level at the company’s plant located in the city of Luverne reached 50 000 gallons monthly but was far away from planned one million. Apparently the company’s management faced certain technical difficulties on their way to break-event point.
