Omaha, NE - Nov. 15, 2018 - Green Plains Inc. (NASDAQ:GPRE) today announced that it is permanently closing its Hopewell, Va. ethanol facility.
A significant portion of the 60 million gallon a year capacity plant will be dismantled during the decommissioning process, with most of the equipment being transferred to other Green Plains facilities.
The company is also currently determining the best uses for any remaining equipment and the land.
The closure results in a workforce reduction of approximately 31 employees who will be provided severance and healthcare support.
A handful of staff will remain to oversee the decommissioning of the plant, which is expected to take 12 to 18 months.
For Green Plains Partners LP (NASDAQ:GPP), the closure of the Hopewell plant does not change the quarterly minimum volume commitment associated with the ethanol storage and throughput agreement between Green Plains Inc. and Green Plains Partners.
For more information, please contact Jim Stark at 402-884-8700.