Alto Ingredients sells Madera ethanol plant for $28.3M

In California, Alto Ingredients, Inc., formerly Pacific Ethanol, has signed a definitive agreement with Seaboard Energy California, LLC to sell its fuel ethanol production facility in Madera, CA for total consideration of $28.3 million, comprised of $19.5 million in cash and $8.8 million in assumption of liabilities. The sale of the 40 million gallon per year facility is expected to close in the second quarter of 2021, subject to customary closing conditions. The majority of the cash proceeds will be used to retire company debt.