General Industrial Alcohol Corp.
List of Deals
- 1929 General Industrial Alcohol Corporation: issue of $2,500,000 convertible 6 1/2% sinking fund debentures and common stock
The General Industrial Alcohol Corporation was incorporated in Delaware in April 1929 to acquire the business and assets of General Industrial Alcohol Company of Marrers, Louisiana, National Industrial Alcohol Company of New Orleans, and the alcohol plants of both the Greendale Company of Bay City, Michigan, and Michigan Chemical Company of Bay City, Michigan. The new company was given permits entitling it to produce approximately five million gallons of alcohol per year.
The new corporation also acquired ownership of the Molasses Distributors Corporation, which had purchased the domestic bulk blackstrap department of American Molasses Company of New York, including a fleet of fifty-seven tank cars and tidewater terminals in Boston, Brooklyn, and New Orleans, providing storage and distribution for over thirty million gallons of blackstrap per year.
Two of the units of this new corporation operated on Cuban blackstrap molasses. The others operated in Indiana, where grain was available, and in Michigan, which provided easy access to the beet-growing regions so they could operate on beet sugar.
This merger was part of a trend towards consolidation in the industrial alcohol industry. After General Industrial Alcohol was formed, the industry was left with nine companies compared to twenty in 1927.