Minnesota-based Advanced BioEnergy has announced the sale of its Aberdeen and Huron ethanol plants to Glacial Lakes Energy for $47.5 million (€42.4 million), the Associated Press has reported.
The transfer of the plant is due to take place in the third quarter of 2019, following shareholder approval. Advanced BioEnergy would be liquidated and the proceeds distributed to shareholders after payment of any outstanding debt and other expenses.
Ethanol production company Glacial Lakes Energy is a wholly owned subsidiary of Glacial Lakes Corn Processors, a cooperative of over 4,000 shareholders in South Dakota. Together with its sister subsidiary, Glacial Lakes currently owns and operates two ethanol plants in South Dakota.
According to the Associated Press, Advanced BioEnergy’s plants in Aberdeen and Huron have a combined production capacity of 86 million gallons of ethanol per year, and employ around 50 staff.
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