Green Plains Closes Sale of Three Ethanol Plants; to Close Va. Plant

   By Colin Kellaher

Green Plains Inc. (GPRE) on Thursday said it completed the previously reported sale of three ethanol plants to a unit of Valero Energy Corp. (VLO) and announced plans to close a fourth plant.

The Omaha, Neb., commodity processor said it is shutting its ethanol facility in Hopewell, Va., resulting in the loss of 31 jobs.

Green Plains said it will dismantle most of the plant, which has a capacity of 60 million gallons a year, and move most of the equipment to other facilities. The company said it is evaluating the best uses for any remaining equipment and the Hopewell property.

Meanwhile, Green Plains said it completed the sale of plants in Bluffton, Ind.; Lakota, Iowa; and Riga, Mich., for $319 million in cash, including net working capital and other adjustments. The three plants represented about 20% of its reported ethanol production capacity.

Green Plains said it also completed a related transaction with Green Plains Partners LP (GPP) involving the storage and rail-transportation assets associated with the three plants.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 15, 2018 11:51 ET (16:51 GMT)

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