Wednesday, October 17, 2012
Kansas-based Flint Hills Resources is buying an ethanol plant in southeast Nebraska.
Advanced BioEnergy, of Bloomington, Minn., says the deal for its Fairmont, Neb., plant is expected to close later this year.
In a regulatory filing Monday, Advanced BioEnergy reported a sale price of $160 million, plus the estimated $15 million value of inventory at closing.
The Fairmont plant has an annual capacity of more than 115 million gallons and about 50 employees.
Advanced BioEnergy CEO Richard Peterson says "maximizing the value of our business has been a priority in the face of continuing market consolidation and compressed operating margins." The company also has plants in Huron and Aberdeen, S.D.
Flint Hills Resources is based in Wichita, Kan.