Iowa Public Television


VeraSun Closes Sale of 5 Ethanol Plants to Valero

posted on April 10, 2009

SIOUX FALLS, S.D. (AP) -- VeraSun Energy Corp. says it has closed on the sale of five ethanol plants and one development site to traditional refiner Valero Energy Corp.

VeraSun, which filed for Chapter 11 bankruptcy protection in October, auctioned off its assets and Valero submitted a successful bid of $477 million for plants in Aurora, South Dakota; Charles City, Fort Dodge, and Hartley, Iowa; Welcome, Minnesota; a development site in Reynolds, Indiana, and two additional plants.

VeraSun said Wednesday the 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 53 cents, or 3 percent, to close at $18.43 Wednesday.

Tags: biofuels ethanol news renewable fuels