ABERDEEN, S.D. (AP) – Advanced BioEnergy is selling its Aberdeen and Huron ethanol plants to Glacial Lakes Energy for $47.5 million.
Advanced BioEnergy, based in Bloomington, Minnesota, says the transfer is expected to take place in the third quarter of this year, if shareholders approve. Advanced BioEnergy would be liquidated and the proceeds distributed to shareholders after outstanding debt and liquidation expenses are paid. The sale also includes the company’s inventory at the time of closing.
The plants in Aberdeen and Huron have a combined ethanol production capacity of 86 million gallons a year. Together they employ about 50 people. Glacial Lakes Energy and its subsidiary own and operate two ethanol production facilities in Watertown and Mina with a combined production of 255 million gallons a year.