Sacramento, CA - Dec. 01, 2020 - Pacific Ethanol, Inc. (NASDAQ: PEIX), a leading producer of specialty alcohols and essential ingredients, 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 for $10 million in cash.
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,” said Mike Kandris, Pacific Ethanol’s CEO.
“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.”
For more information, please contact Paul Koehler at 916-403-2790 or paulk@pacificethanol.com