Benson Hill sells Seymour soybean facility to White River Soy Processing for $36m
Benson Hill, Inc., a leader in the food technology sector, has successfully transferred its soybean crush facility in Seymour, Indiana, to White River Soy Processing, LLC. The transaction, which closed on October 31, 2023, amounted to approximately $36 million in total gross proceeds, subject to various adjustments. This deal stands as a critical milestone in Benson Hill’s broader Liquidity Improvement Plan, highlighting significant movements within the agricultural and food tech industries.
Strategic Liquidity Improvement and Operational Impact
As part of its ongoing strategy to bolster liquidity, reduce debt, and lower operating costs, Benson Hill’s decision to sell the facility aligns with its objectives to streamline operations and improve capital management. Having acquired and operated the Seymour facility since 2021, Benson Hill now passes the torch to White River, marking a shift in the regional soybean processing landscape. This strategic move is set to affect both Benson Hill’s liquidity and operational footing in the industry.
Benson Hill concludes $36m sale of Seymour soybean facility to White River Soy Processing. Photo courtesy of Business Wire.
Transition and Future Collaborations
Deanie Elsner, CEO of Benson Hill, emphasized the sale’s role in refining the company’s focus on growth and disciplined capital allocation. Elsner expressed gratitude for the facility team’s achievements under Benson Hill’s tenure, including setting safety and production records. The sale also ensures a smooth operational transition, with approximately 30 Benson Hill team members joining White River, and Benson Hill’s commitment to honoring existing contracts with farmer partners for the next couple of years. Additionally, the parties expect to conclude a grain supply and licensing agreement to continue processing Benson Hill’s proprietary soybeans at the facility.
The transaction signifies a pivotal development for Benson Hill in its journey to optimize liquidity and operational efficiencies. It also reflects the dynamic nature of the agricultural business sector, with significant implications for the soybean processing industry in Indiana and beyond. The deal not only reshapes Benson Hill’s business model but also opens new avenues for collaboration and growth in the region’s agricultural landscape.