“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 within the coming weeks.