VeraSun Closes Asset Sale with Valero

VeraSun Energy Corp. announced that it has closed on the sale of assets to Valero Renewable Fuels that included five ethanol production facilities and a development site. The production facilities sold under the deal are located in Aurora, South Dakota; Fort Dodge, Charles City, and Hartley, Iowa; and Welcome, Minnesota. The purchase also included a development site in Reynolds, Indiana.

VeraSun selected Valero Renewable Fuels as the successful bidder for seven of its ethanol production facilities and the development site on March 17, 2009 as part of an auction sale process.

For more details on story behind the sale of these assets and what it means for the ethanol industry, read US Ethanol Industry Eyes Valero’s Bid for VeraSun from contributor Jennifer Kho.

Valero also successfully bid US $72 million for another facility in Albert City, Iowa facility and $55 million for the facility Albion, Iowa. The purchase price also includes working capital and other adjustments. Closing on the Albert City and Albion facilities is expected in the coming weeks. VeraSun said that it expects to close on the sale of its remaining facilities in the next several weeks.

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