Specialty alcohols and essential ingredients producer Pacific Ethanol announced Tuesday that the $10 million sale of some of its grain handling assets in Idaho to Liberty Basin LLC was completed. Under the terms of the deal, Liberty Basin will acquire 134 acres, a rail loop, and the firm’s Magic Valley plant in Burley, ID.
Pacific Ethanol will keep its ethanol plant and terminal on a 25-acre parcel in Burley. The company also entered into an agreement with Liberty Basin to coordinate operations and deliver 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,” Pacific Ethanol’s chief executive officer, Mark Kandris, said in a company release. “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.”
Powder & Bulk Solids reported in early November that the two firms entered into an agreement on the transaction.