Attis Industries to buy Sunoco NY ethanol plant for $20 million

In Georgia, Attis Industries Inc. announced that it has entered into a definitive asset purchase agreement with Sunoco LP to acquire and operate its corn ethanol plant and grain malting operation in Fulton, NY. The plant will become the essential element of Attis’ expanding technology portfolio as it develops the site into the most comprehensive Green Tech campus for renewable fuels in the country.

Total consideration for the divestiture is $20 million in cash.  The transaction is subject to regulatory clearances and customary closing conditions and is expected to close in the first quarter of 2019. Attis expects to finance the transaction with non-dilutive financing.

Attis’ management team has a long-standing relationship with Sunoco and the operational team in place at the Fulton, NY ethanol facility.  For Attis, the key to the success of this transaction is the 10-year offtake agreement for the ethanol produced which creates valuable stability for Attis as it plans its capital improvement strategy for the facility. The improvements made at the facility over the next 24 months will create the first of its kind, major renewable energy campus.