WATERTOWN, S.D. (KWAT) – Glacial Lakes Energy announced back in August that they were purchasing Advanced BioEnergy ethanol plants in Huron and Aberdeen, and expected the transaction to close in late September.
The purchase is still “on,” but the deal still hasn’t closed.
Glacial Lakes CEO Jim Seurer (sye’-ur) says he expects everything to be wrapped up next week.
The purchase price of the plants is close to $50 million, with the entire amount being financed.
Seurer explained to shareholders at a recent meeting why they’re financing the deal, rather than putting cash down.
The Aberdeen and Huron plants combined, produce about 82 million gallons of ethanol annually.