RiceBran Technologies (NASDAQ: RIBT and RIBTW), a global leader in the production and marketing of value added products derived from rice bran, today announced that it completed repairs and annual maintenance at its Irgovel facility in Brazil during the scheduled annual maintenance period and resumed production at its rice bran bio-refinery.
The Company expects raw rice bran processing at its Irgovel production facility to average 9,000 metric tons per month in 2015 as originally projected after the completion of the facility expansion in 2014. As previously disclosed, the facility suffered a structural failure in its steam generation plant in late August 2014 and had been operating at a reduced production capacity after the completion of temporary repairs. The Company scheduled the completion of permanent repairs to coincide with the normal idling of the facility for annual maintenance to minimize any loss of production.
W. John Short, CEO and president of RBT, commented, "We are pleased to have completed necessary repairs and annual maintenance at Irgovel on schedule. During the month of January, we have ramped up daily production and are currently operating the plant at the originally forecasted target level of 300 metric tons per day. We expect production to average 9,000 metric tons per month through 2015 and will work diligently to exceed that production level when possible and continue to evolve our product mix towards our higher margin products. With raw rice bran availability improving in the region, we are confident that we can achieve significant production improvement at Irgovel in 2015 and begin to generate returns on the capital investments we have made in our Brazil segment for years to come."