Green Plains Announces Permanent Closure of Hopewell, Va. Ethanol Facility
November 15 2018 - 10:45AM
Green Plains Inc. (NASDAQ:GPRE) today announced that it is
permanently closing its Hopewell, Va. ethanol facility. A
significant portion of the 60 million gallon a year capacity plant
will be dismantled during the decommissioning process, with most of
the equipment being transferred to other Green Plains facilities.
The company is also currently determining the best uses for any
remaining equipment and the land.
The closure results in a workforce reduction of approximately 31
employees who will be provided severance and healthcare support. A
handful of staff will remain to oversee the decommissioning of the
plant, which is expected to take 12 to 18 months.
For Green Plains Partners LP (NASDAQ:GPP), the closure of the
Hopewell plant does not change the quarterly minimum volume
commitment associated with the ethanol storage and throughput
agreement between Green Plains Inc. and Green Plains Partners.
About Green Plains Inc.Green Plains Inc.
(NASDAQ:GPRE) is a diversified commodity-processing business with
operations related to ethanol production, grain handling and
storage, cattle feeding, food ingredients, and commodity marketing
and logistics services. The company is one of the leading producers
of ethanol in the world and, through its adjacent businesses, is
focused on the production of high-protein feed ingredients and
export growth opportunities. Green Plains owns a 49.1% limited
partner interest and a 2.0% general partner interest in Green
Plains Partners. For more information about Green Plains, visit
www.gpreinc.com.
About Green Plains Partners LPGreen Plains
Partners LP (NASDAQ:GPP) is a fee-based Delaware limited
partnership formed by Green Plains Inc. (NASDAQ:GPRE) to provide
fuel storage and transportation services by owning, operating,
developing and acquiring ethanol and fuel storage tanks, terminals,
transportation assets and other related assets and businesses.
Forward-Looking StatementsThis news release
includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements reflect management’s current views,
which are subject to risks and uncertainties including, but not
limited to, anticipated financial and operating results, plans and
objectives that are not historical in nature. These statements may
be identified by words such as “believe,” “expect,” “may,”
“should,” “will” and similar expressions. Factors that could cause
actual results to differ materially from those expressed or implied
include risks related to Green Plains’ ability to successfully
completing the portfolio optimization plan and other risks
discussed in Green Plains’ reports filed with the Securities and
Exchange Commission. Investors are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the
date of this news release. Green Plains assumes no obligation to
update any such forward-looking statements, except as required by
law.
Contact: Jim Stark, Vice President - Investor
and Media Relations, Green Plains Inc. (402) 884-8700
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