January 23 (Renewables Now) - US motor fuel distributor Sunoco LP (NYSE:SUN) has signed a definitive deal to sell its ethanol plant and grain malting operation in New York for USD 20 million (EUR 17.6m) in cash.
The buyer is Attis Industries Inc (NASDAQ:ATIS) with whom the company will also ink a 10-year ethanol offtake agreement, it said in a statement. The ethanol plant and the grain malting operation are located in Fulton.
The transaction is pending certain regulatory clearances and is expected to wrap up this quarter. The proceeds from it will go towards repaying Sunoco’s indebtedness, the vendor noted.
Sunoco announced the sale along with the completion of its acquisition of the wholesale fuel distribution business from Schmitt Sales Inc.
(USD 1.0 = EUR 0.880)