Pacific Ethanol closes sale of Idaho grain handling facilities
In the United States (US), Pacific Ethanol, Inc (PEI), a leading producer of specialty alcohols and essential ingredients, has announced the closing of its agreement with Liberty Basin, LLC to sell 134 acres, rail loop, and grain handling assets at its Pacific Ethanol Magic Valley plant in Burley, Idaho (ID) for US$10 million in cash.
As announced in November 2020, Pacific Ethanol is retaining the ethanol plant and terminal on the remaining 25 acres and has entered into agreements with Liberty Basin, LLC for ongoing coordination of operations and delivery of grain to the ethanol plant.
The sale of real estate and grain handling assets at our Magic Valley facility marks further progress in our strategic realignment around higher, more stable margins in specialty alcohols and essential ingredients. With this sale, we further strengthened our balance sheet by using all net sale proceeds to pay down term debt. We will continue to own the production facility and plan to upgrade the product offerings prior to restarting production, said Mike Kandris, Pacific Ethanol’s CEO.