ADM (NYSE: ADM), a global leader in nutrition and agricultural origination and processing, announced today that it has reached an agreement to sell its ethanol production complex in Peoria, Illinois, to BioUrja Group.
“The sale of our Peoria facility is an important element of the strategic review of our dry mill ethanol assets,” said ADM CEO Juan Luciano. “By reducing our ethanol capacity by 135 million gallons and redeploying the resulting capital to other strategic growth investments, we’re continuing the dynamic transformation of ADM’s business portfolio that we began a decade ago. We continue to execute on our strategic priorities, and we are excited about the opportunities ahead of us as we drive sustainable growth.”
BioUrja Group’s Chairman & CEO, Amit Bhandari, remarked that: “As a leading supplier of biofuels, we are excited to enter into the bio-ethanol production sector and become more vertically integrated. We are enthused about the growing beverage-grade and highly-distilled industrial alcohol markets, which are the focus of the Peoria plant, and are glad to absorb supplemental fuel ethanol into our existing supply capabilities. This is an opportunity for us to continue our growth in the renewables sector and participate in the global energy transition. It’s a double bottom-line deal for us because of the strong financial performance of the plant and its contributions to our ESG strategy.”
The deal is expected to close in the coming weeks. ADM will work closely with BioUrja to ensure a smooth transition of the approximately 150 colleagues at Peoria.
“I’d like to thank our colleagues in Peoria, who have done superb work, including as we flexed to meet surging customer needs for industrial alcohol for use in hand sanitizer last year,” Luciano continued. “We appreciate their dedication, and know they’ll be a tremendous asset for BioUrja.”
BioUrja Group’s Chief Operating Officer, Shék Jain, who managed the transaction on BioUrja’s behalf, echoed those sentiments by stating: “We welcome ADM’s Peoria plant employees to our family. We know that they are excellent performers and are dedicated to ensuring the plant is run with exceptional care. We are proud to include them in our team. We are also grateful for ADM’s corporate personnel, who worked tirelessly in ensuring the success of this transaction.”
Forward-Looking Statements
Some of the above statements constitute forward-looking statements. ADM’s filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, ADM assumes no obligation to update any forward-looking statements.
About ADM
At ADM, we unlock the power of nature to provide access to nutrition worldwide. With industry-advancing innovations, a complete portfolio of ingredients and solutions to meet any taste, and a commitment to sustainability, we give customers an edge in solving the nutritional challenges of today and tomorrow. We’re a global leader in human and animal nutrition and the world’s premier agricultural origination and processing company. Our breadth, depth, insights, facilities and logistical expertise give us unparalleled capabilities to meet needs for food, beverages, health and wellness, and more. From the seed of the idea to the outcome of the solution, we enrich the quality of life the world over. Learn more at www.adm.com.
About the BioUrja Group
The BioUrja Group is an energy and agricultural commodity trading and supply group that includes BioUrja Trading, RiverCrest Power, West Plains, Energy Alloys Global Solutions, BioUrja Terminals & Land, and BioUrja Capital, among others. The Group supplies biofuels, grains, animal feed ingredients, specialty metal alloy pipes, and refined products to customers, as well as trades electric power, and owns and operates energy logistics terminals and grain storage facilities. The Group is headquartered in Houston, Texas and has offices in Mexico, the United Kingdom, United Arab Emirates, India, Singapore, and across the midwestern USA.
Source: Corporate Release
View source version on businesswire.com: https://www.businesswire.com/news/home/20211021005941/en/
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