PEORIA, Ill. (WMBD) — ADM announced Thursday, that it has agreed to sell its ethanol production complex in Peoria, Illinois, to BioUrja Group.

According to an ADM press release, ADM CEO Juan Luciano said the sale of the Peoria facility is an important element of the strategic review of their dry mill ethanol assets.

“By reducing our ethanol capacity by 135 million gallons and redeploying the resulting capital to other strategic growth investments, we’re continuing the dynamic transformation of ADM’s business portfolio that we began a decade ago. We continue to execute on our strategic priorities, and we are excited about the opportunities ahead of us as we drive sustainable growth,” Luciano said.

BioUrja Group’s Chairman & CEO, Amit Bhandari, said they are excited to enter the bio-ethanol production sector.

“We are enthused about the growing beverage-grade and highly-distilled industrial alcohol markets, which are the focus of the Peoria plant, and are glad to absorb supplemental fuel ethanol into our existing supply capabilities. This is an opportunity for us to continue our growth in the renewables sector and participate in the global energy transition. It’s a double bottom-line deal for us because of the strong financial performance of the plant and its contributions to our ESG strategy,” Bhandari said.

The deal for the complex is expected to close in the coming weeks, and about 150 ADM employees at the Peoria plant will join BioUrja Group.

BioUrja Group’s Chief Operating Officer, Shék Jain said he welcomed ADM’s employees to the BioUrja Group’s family.

“We know that they are excellent performers and are dedicated to ensuring the plant is run with exceptional care. We are proud to include them in our team,” Jain said. “We are also grateful for ADM’s corporate personnel, who worked tirelessly in ensuring the success of this transaction.”

More information about ADM is available on its website.