Tue Dec 24, 2013 11:20 AM CST

Murphy Sells Hankinson 132 MMGY Ethanol Plant for $173M

STREATOR, Ill. (DTN) -- Murphy USA Inc., confirmed on Monday, Dec. 23, it completed a $173 million sale of subsidiary Hankinson Renewable Energy LLC, to Guardian Hankinson LLC.

Guardian Hankinson acquired the 132-million-gallon-per-year ethanol production plant located in Hankinson, N.D., in an all-cash transaction through a membership purchase agreement, Murphy said.

The purchase price was $170 million plus $3 million for inventory and net working capital.

The proceeds provide additional financial flexibility to continue growth plans while reducing long term debt, said Andrew Clyde, Murphy USA CEO.

Murphy USA, spun off ...

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