 | E-Malt.com News article: USA: Attis Industries acquires Sunoco’s New York malting facility
Attis Industries Inc., a diversified innovation and technology holding company announced on January 22 that it has entered into a definitive asset purchase agreement with Sunoco LP (“Sunoco”) to acquire and operate its corn ethanol plant and grain malting operation in Fulton, NY, the Owego County Today reported.
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 secured debt financing.
Included within the acquisition is the 1886 Malt House which is a direct beneficiary of incentives designed to promote the local farm to brewery industry.
In 2013, New York created a farm brewery law to provide licenses only to those farmers whose beer is made primarily from locally grown farm products.
Under this program, the Malt House will receive some tax-exempt status and contribute to the $4 billion per year craft brewery business in the state of New York.
“The state of New York has continually demonstrated that it is a leader in green business initiatives,” said Jeff Cosman, Chief Executive Officer of Attis Industries. “Its continued focus on driving economic incentives for green projects while relentlessly focusing on reducing greenhouse gas emissions make New York state an ideal location for Attis. We are excited for the opportunity to work with such an established partner in Sunoco and within a green friendly environment like the state of New York.”
The malting plant supplies 60 tons of malt per week, or 2,000 tons of malt annually, which makes it one of the largest craft malting facilities in the United States.
23 January, 2019
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