ICM lays off 25 more employees
10/31/2012 3:24 PM
10/31/2012 3:25 PM
ICM of Colwich has laid off 25 more employees, the latest in a string of cuts dating to 2008 as ethanol industry growth stalled.
The cuts were announced to staff on Tuesday.
The company designs and manages ethanol plants, but ethanol production in the U.S. has largely leveled out since 2010.
In a statment e-mailed to The Eagle Wednesday, ICM CEO Dave Vander Griend lauded his staff.
“During the past several years, however,” he added in the statement, “volatile grain markets and project financing conditions combined with commodity market speculation has affected our domestic project portfolio.”
He said ICM remains focused on retrofitting existing ethanol plants to increase efficiency, introducing new products and services, and looking for projects overseas.
“ICM remains committed to the long-term growth opportunities of the company and the renewable energy industry as a whole,” Vander Griend said in the statement.
Before ICM began layoffs in April 2008, it employed 671. It now employs 275, according to the company.