CREVE COEUR — Ag-tech innovator Benson Hill has sold its Indiana soybean crush facility for $36 million, is looking to offload more facilities as part of its plan to cut costs and climb out of debt, and is even considering going private.
The company, based at the 39 North plant science district here, is selling its Seymour, Indiana, facility to Nebraska-based White River Soy Processing, Benson Hill announced in a press release and investor presentation on Tuesday. The facility’s 30 workers will transfer to White River.
The company said it will use the money from the deal to improve its liquidity position, pay down debt and reduce operating and working capital costs.
It also announced the appointment of a permanent chief executive following Matt Crisp’s resignation in June. Interim CEO Deanie Elsner, a Benson Hill board member and a former Kellogg Co. and Kraft Foods executive, was named CEO effective immediately.
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And after consistent drops in company stock over the past two years, Benson Hill is potentially looking into going private, the release said. Company stock has crashed to about 14 cents per share, as of midday Monday, from more than $10 in 2021 after the company went public.
In September, Benson Hill received a noncompliance notice from the New York Stock Exchange after the company’s common stock fell to less than $1 per share for 30 days. Failure to improve the stock value will result in eventual delisting.
Benson Hill leaders said 2024 will be a transition year and didn’t provide revenue predictions during Tuesday’s investor update call and presentation.
“Based on our ongoing strategic review, we believe the strengthening of our financial foundation, moving to an asset-light business model and introducing our innovations into attractive broader end markets, is the most feasible path forward for Benson Hill,” Elsner said in a news statement.
Elsner also said the company plans to expand within the large-acre U.S. animal feed and pet food markets. Benson Hill has developed soybean varieties that it says provide more nutrients than previous varieties for poultry and pig diets and pet food.
Benson Hill is based in the 39 North Agtech Innovation District, near the Danforth Center and other centers for agricultural research.
Riverence, an aquaculture company that raises trout for their meat, uses soy to help feel its fish, like these in Idaho. Riverence has a deal to buy specialized soy ingredients from Benson Hill, the St. Louis “food tech” company. Video by Bryce Gray, Post-Dispatch.
