“Zafar has contributed greatly to REX’s long-term record of success in the alternative energy sector. As a result, today REX has interests in six state-of-the-art ethanol production facilities with ownership of approximately 231 million gallons of ethanol per year,” Rose said in a statement.
Rose is well known in the community for his philanthropy. Huber Heights $19.3 million music venue was named the “Stuart & Mimi Rose Music Center at The Heights” in January after his foundation paid $4 million for the naming rights.
Rizvi, 65, has served as REX’s president and chief operating officer since 2010 and will continue to serve as president of the company.
Rizvi has served REX in various roles since 1991 and for the last 17 years has overseen the company’s alternative energy interests. In his capacity of overseeing REX’s alternative energy investments, Rizvi has served since 2006 as president of Farmers Energy Inc., the company’s alternative energy investment subsidiary.
Rex American Resources previously operated as Rex Stores Corp., a retailer of electronics and appliances, before closing its stores and exiting the retail business. The company has recently struggled with its investments in ethanol-production facilities.
The company reported first-quarter earnings dropped 82 percent from the same period in 2014, but a merger deal expected to close this month could pump nearly $50 million into the firm’s coffers, company officials said.
Rex announced the Patriot Holdings LLC board of directors approved a merger agreement with a subsidiary of CHS Inc. that would result in CHS acquiring a 1oo percent ownership interest in Patriot.
Rex’s 26.6 percent interest in Patriot is expected to yield about $44 million, plus an additional $5 million, assuming full payment of the escrow holdbacks. The merger is expected to close this month.
Rex, which has interests in seven ethanol-production facilities, reported first-quarter revenue of $105.2 million, compared with $155.9 million for the same period in 2014.