ALTO - Alto Ingredients offloads Madera facility for $28.3M

Alto Ingredients (ALTO) signed a definitive agreement with Seaboard Energy California for selling its fuel ethanol production facility in Madera, CA for total consideration of $28.3M ($19.5M in cash and $8.8M in assumption of liabilities).The sale of the 40M gallon per year facility is expected to close in Q2.A major portion of the cash proceeds will be used to retire company debt."We further optimized our production footprint with the sale of our Madera facility, which will reduce the carrying cost associated with our idled plants. We are in discussions to sell our other idled California facility in Stockton and will announce those terms once an agreement has been reached," president & CEO Michael Kandris commented.Shares trading 0.6% higher premarket

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Alto Ingredients offloads Madera facility for $28.3M