Benson Hill Transfers Ownership of its Seymour, Indiana, Crush Facility to White River Soy Processing with $36 Million Asset Purchase Agreement
31 Octobre 2023 - 12:03PM
Business Wire
Proceeds will deliver on a pillar of the
Company’s Liquidity Improvement Plan
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.
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Benson Hill Transfers Ownership of its
Seymour, Indiana, Crush Facility to White River Soy Processing
(Photo: Business Wire)
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.
About White River Soy Processing
White River Soy Processing, LLC develops and operates oilseed
processing facilities in the U.S. With a commitment to excellence
in production and safety for our employees, our team leverages
decades of experience in soybean processing and is driven to
produce the highest quality vegetable protein meal and oil for
better nutritional outcomes. We are passionate about building
lasting partnerships with farmers, contributing to our communities,
and delivering superior soybean products to our customers. For more
information, visit www.whiteriversoy.com.
About Benson Hill
Benson Hill moves food forward with the CropOS® platform, a
cutting-edge food innovation engine that combines data
science and machine learning with biology and genetics. Benson Hill
empowers innovators to unlock nature’s genetic diversity from plant
to plate, with the purpose of creating nutritious, great-tasting
food and ingredient options that are both widely accessible and
sustainable. More information can be found at bensonhill.com or on
X, formerly known as Twitter, at @bensonhillinc.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or the Company’s
future financial or operating performance and may be identified by
words such as “may,” “should,” “expect,” “intend,” “will,”
“estimate,” “anticipate,” “believe,” “predict,” or similar words.
These forward-looking statements are based upon assumptions made by
the Company as of the date hereof and are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements
include, among other things, statements regarding the anticipated
benefits of the Company’s sale of its Seymour facility; statements
regarding the anticipated amount, and the Company’s use of,
proceeds from such sale; improved liquidity, cost and operational
improvements; working capital and capital allocation; successful
implementation of the Company’s liquidity improvement plan,
including the paydown of debt; statements regarding employees
transferring to White River and the Company’s ongoing relationships
with farmer partners; statements regarding the anticipated grain
supply and licensing agreement; and statements regarding the
Company’s growth strategy. Factors that may cause actual results to
differ materially from current expectations and guidance include,
but are not limited to, risks associated with realizing the
benefits of the Seymour sale, including with respect to the
ultimate net proceeds the Company will receive from such sale as a
result of working capital and other adjustments to the purchase
price; risks associated with the Company’s liquidity and other
risks relating to the Company’s ability to continue as a going
concern; risks associated with the Company’s ability to grow and
achieve growth profitably, including continued access to the
capital resources necessary for growth; risks associated with
managing capital resources; risks associated with the Company’s
debt and compliance with debt covenants; risks relating to the
failure to finalize the anticipated grain supply and licensing
agreement; risks relating to maintaining key employee, customer,
partner and supplier relationships; risks associated with
maintaining relationships with customers and suppliers and
developing and maintaining partnering and licensing relationships;
risks associated with changing industry conditions and consumer
preferences; risks associated with the Company’s ability to
generally execute on its business strategy; and the other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in our
filings with the Securities and Exchange Commission, which are
available on its website at www.sec.gov. Nothing in this press
release should be regarded as a representation that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved, including without limitation, any
expectations about our operational and financial performance or
achievements. There may be additional risks about which the Company
is presently unaware or that the Company currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. The reader
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. The Company
expressly disclaims any duty to update these forward-looking
statements, except as otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231031719096/en/
Media Contact Benson Hill Christi Dixon 636-359-0797
cdixon@bensonhill.com Media Kit Investor Contact Benson Hill
Ruben Mella, CFA 314-714-6313 rmella@bensonhill.com
Benson Hill (NYSE:BHIL)
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