BioFuels Journal

ICM Inc. Reduces Workforce by 73 as Investment in Biofuels Ventures Wanes Due to Destabilized Banking System

Colwich, KS—ICM, Inc., announced October 3 that it is reducing its workforce by 73 employees effective immediately.

The opportunity for new investments in the construction of biorefineries and biofuels-related manufacturing projects has been further delayed by the massive destabilization in the national banking system and the consolidation of investment firms.

Dave Vander Griend, ICM President & CEO said, “We are a people and relationship oriented company, so this was a very painful decision to make, particularly when we have put forth tremendous effort to attract new business.

"I have been upfront with our employees regarding the uncertain economy and the manufacturing challenges ahead.

"Recognizing the impact this has on affected employees, we’re going to provide job placement assistance, career counseling, and we’ll host a job fair on October 10.”

Dave continued, “Our customers continue to face difficult challenges in obtaining the working capital they need to finance the design and construction of biorefineries.

"Although we continue to have strong interest from customers for new projects, simply put, the Wall Street crisis prevents them from proceeding at present.

"These projects, when they are built, help rural communities flourish, so the reality is that Main Street is affected by the financial market instability.

"If our customers can’t obtain the financing they need, we don’t have the projects to manufacture equipment for, and to design and build.

"We believe market conditions will improve, but it will take time for investor confidence to recover.

"As we move forward, we’re diversifying our biofuels production by using new feedstocks that range from specialty energy crops to waste materials.

"ICM is confident that we can achieve energy and economic security by finding ways to reduce our dependence on foreign oil, and create renewable fuels so we can keep the dollars at home.”

ICM continues to strengthen alliances with public/private entities on research and development projects, technology innovations, and diversified capabilities including optimization of dry corn fractionation (Total Kernel Optimization™) technology, waste-to-energy technologies, and repowering through alternative energy sources.

For more information, call 316-790-0900.