(Sioux Falls, S.D.)– Verasun Energy Corporation said Wednesday it has closed on the sale of five ethanol plants and one development site to traditional refiner Valero Energy Corporation.
Verasun, which filed for chapter 11 bankruptcy protection in October, auctioned off its assets. Valero submitted a successful bid of 477 million dollars for plants in Aurora, S.D.; Charles City, Fort Dodge and Hartley, Iowa; Welcome, Minnesota; a development site in Reynolds, Indiana; and two additional plants.
Verasun said closing on the Albert City, Iowa, and Albion, Nebraska plants is expected in the coming weeks.
Valero is grouping the plants under a subsidiary, Valero Renewable Fuels.
Valero shares gained nine cents to $17.99 in morning trading Wednesday.
(Story from the Associated Press.).
