Green Plains Inc. (NASDAQ:GPRE) has entered into an asset purchase agreement with Valero Renewable Fuels Company LLC to sell three of its ethanol plants located in Lakota, Iowa, Bluffton, Ind., and Riga, Mich. for $300M in cash, plus approximately $28M of working capital also paid in cash.
The transaction involves 280M gallons of nameplate capacity, or approximately 20% of the Company’s reported ethanol production capacity.
“The sale of these three ethanol plants demonstrates our commitment to strengthening our balance sheet and unlocking value for our shareholders,” said Todd Becker, president and chief executive officer of Green Plains.
The transaction is anticipated to close during Q4.
Now read: Ethanol Headwinds Are Persisting In Q3 »
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