November 1, 2023
ST. LOUIS--(BUSINESS WIRE)--Benson Hill, Inc. (NYSE: BHIL, the “Company” or “Benson Hill”), a food tech company unlocking the natural genetic diversity of plants, today announced that it has transferred ownership of its Seymour, Ind., soybean crush facility to White River Soy Processing, LLC for approximately $36 million of total gross proceeds, subject to working capital and other adjustments. The agreement represents the completion of an expected milestone as Benson Hill implements cost and operational improvements as part of its Liquidity Improvement Plan. The Company intends to use the proceeds to improve its liquidity position, pay down debt, and reduce operating and working capital costs, while maintaining relationships with farmer partners in Indiana. Benson Hill has owned and operated the facility since 2021.
“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.”
Approximately 30 team members will become employees of White River, ensuring a smooth transition for customers. Benson Hill will honor 2023 and 2024 contracts with its farmer partners who deliver grain to Seymour. The parties also expect to finalize a grain supply and licensing agreement to continue processing Benson Hill’s proprietary soybeans through the facility.
The transaction closed on Oct. 31, 2023. Additional details can be found on the Company’s investor relations page.