GREEN PLAINS INC. (NASDAQ:GPRE) Files An 8-K Completion of Acquisition or Disposition of AssetsItem 2.01. Completion of Acquisition or Disposition of Assets.
On May 16, 2017, Green Plains Cattle Company LLC, a subsidiary of Green Plains Inc., completed the previously announced acquisition of two cattle feed yards from Cargill Cattle Feeders, LLC for approximately $36.7 million, excluding working capital. The transaction includes feed yards located in Leoti, Kansas and Yuma, Colorado, adding capacity of 155,000 head to the company operations, and positions Green Plains Cattle Company as the fourth largest cattle feeder in the United States with total capacity of more than 255,000 head.
The company also entered into a long-term supply agreement with Cargill Meat Solutions to provide a reliable supply of cattle from the Leoti and Yuma locations, as well as Green Plains’ existing feedlot in Kismet, Kansas. The transaction was financed using cash on hand.
Item 8.01. Other Events
On May 16, 2017, Green Plains issued a press release announcing the completion of the acquisition. The press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed as part of this report.
NumberDescription
2.1Asset Purchase Agreement, dated as of April 25, 2017, by and among Green Plains Cattle Company LLC, and Cargill Cattle Feeders, LLC (incorporated by reference from the registrant’s Current Report on Form 8-K filed on April 26, 2017)
99.1Press release, dated May 16, 2017
About GREEN PLAINS INC. (NASDAQ:GPRE)
Green Plains Inc. (Green Plains) is a vertically integrated producer, marketer and distributor of ethanol. The Company operates through four segments: Ethanol Production, Agribusiness, Marketing and Distribution, and Partnership. The Company’s ethanol production segment is engaged in the production of ethanol and related distillers grain. Its ethanol production segment includes over 10 ethanol plants in Indiana, Iowa, Michigan, Minnesota, Nebraska, Tennessee, Texas and Virginia. The Company owns and operates grain handling and storage assets through its agribusiness segment. The Company’s marketing and distribution segment is engaged in marketing and providing logistical services for ethanol and other commodities for a third-party ethanol producer. The Company’s partnership segment provides fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses. GREEN PLAINS INC. (NASDAQ:GPRE) Recent Trading Information
GREEN PLAINS INC. (NASDAQ:GPRE) closed its last trading session down -0.40 at 24.10 with 615,594 shares trading hands.