Benson Hill has announced that it has transferred ownership of its soybean crush facility near Seymour, Indiana to White River Soy Processing, LLC for approximately $36 million in total gross proceeds.
The plant is approximately seven miles west of Seymour in Jackson County.
White River Soy Processing plans to keep approximately 30 Benson Hill employees and will honor 2023 and 2024 contracts with its farmer partners who deliver grain to Seymour.
Both companies also expect to finalize a grain supply and licensing agreement to continue processing Benson Hill’s proprietary soybeans through the facility.
Benson Hill says it intends to use the proceeds as part of its Liquidity Improvement Plan to improve its liquidity position, pay down debt, and reduce operating and working capital costs. The company says it plans to make future reductions in operating expense savings and capital expenditures.
Benson Hill, which is headquartered in St. Louis, purchased the facility from Rose Acre Farms in 2021.
White River Soy Processing, LLC is based in Omaha, Nebraska.
“The sale of the Seymour crush assets sharpens our focus on future growth and further enables disciplined capital allocation as part of our three-part Liquidity Improvement Plan,” said Deanie Elsner, Chief Executive Officer of Benson Hill. “Under our ownership the Seymour team has achieved record-breaking safety and production records, and we are extremely grateful for their efforts. We look forward to working with White River to seamlessly meet the needs of our farmers, customers, and team members.”
