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Murphy USA sells N.D. ethanol plant for $173 million

By The Associated Press

This article was published January 14, 2014 at 7:16 a.m.

HANKINSON, N.D. — The new owners of an ethanol plant in the southeast North Dakota city of Hankinson aren't planning any major changes at the facility, the manager of the alternative fuel factory said.

Arkansas-based fuel supplier Murphy USA Inc. has sold Hankinson Renewable Energy LLC for $173 million to Guardian Hankinson LLC. The deal closed late last year, with President and CEO Andrew Clyde calling it "a major step in executing our strategy to exit non-core businesses while realizing significant value for our shareholders."

Guardian is a joint venture involving Minnesota-based Heartland Corn Products and Chippewa Valley Ethanol, Nebraska-based KAAPA Ethanol and South Dakota-based Dakota Ethanol, the Daily News of Wahpeton reported.

The plant was built in 2008, and converts about 130,000 bushels of corn into about 365,000 gallons of ethanol every day, according to Crocker.

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