Soybean processing facility in Seymour sold
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Benson Hill Inc., a food tech company headquartered in St. Louis, Missouri, has sold its soybean crush facility in Seymour to White River Soy Processing LLC in Omaha, Nebraska.
The deal, which closed on Tuesday, is valued at $36 million.
Benson Hill acquired the facility from Seymour-based Rose Acre Farms in September 2021 for an undisclosed amount. The company said in a news release the sale is part of an effort to reduce costs and improve operations.
Proceeds from the sale will be used to improve Benson Hill’s liquidity position, pay down debt, and reduce operating and working capital costs, “while maintaining relationships with farmer partners in Indiana.”
“Under our ownership the Seymour team has achieved record-breaking safety and production records, and we are extremely grateful for their efforts,” CEO Deanie Elsner said in a news release. “We look forward to working with White River to seamlessly meet the needs of our farmers, customers, and team members.”
About 30 people work at the facility and will become employees of White River. Benson Hill said it will honor 2023 and 2024 contracts with its farmer partners who deliver grain to the facility.
Both Benson Hill and White River also expect to finalize a grain supply and licensing agreement that would allow the processing of Benson Hill’s proprietary soybeans at the facility continue.