Form 8-K_

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 8-K



CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934





5



Date of Report (Date of earliest event reported)

November 15, 2018



GREEN PLAINS INC.

(Exact name of registrant as specified in its charter)



Iowa

(State or other jurisdiction of incorporation)





 



 

001-32924

84-1652107

(Commission file number)

(IRS employer identification no.)

 

 

1811 Aksarben Drive, Omaha, Nebraska

68106

(Address of principal executive offices)

(Zip code)





(402) 884-8700

(Registrant’s telephone number, including area code)





Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).  Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


 

Item 2.05.  Costs Associated with Exit or Disposal Activities.

On November 15, 2018, Green Plains Inc. (the “Company”) announced that it is permanently closing its Hopewell, Va. ethanol facility due to the declining margin environment in the industry which did not support the continued operation of this destination location. A significant portion of the 60 million gallon a year capacity plant will be dismantled during the decommissioning process, with a significant portion of the equipment being transferred to other Green Plains facilities. The Company is 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. The decommissioning of the plant is expected to take 12 to 18 months.



Subject to finalization of certain estimates, the Company does not expect to record material charges associated with the Hopewell closure for one-time employee separation benefits, other costs related to the closing or potential impairment of plant-related assets. Future cash expenditures related to the closing are not expected to be material and relate to equipment dismantling and transfer costs and employee separation benefits.



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 LP.



Item 7.01.  Regulation FD Disclosure.



On November 15, 2018, the Company issued a press release announcing the closure. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.



Item 9.01.  Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is filed as part of this report.



NumberDescription

99.1Press release, dated November 15, 2018.

 

 


 



SIGNATURES



Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.





 



 

Date: November 21, 2018

 

Green Plains Inc.

 

 

By:  /s/ John W. Neppl                  

John W. Neppl
Chief Financial Officer

(Principal Financial Officer)



 

 


Exhibit 991_

 

 

 

Exhibit 99.1

 

 

Picture 2

GP_Partners_030415

 

 

Green Plains Announces Permanent Closure of Hopewell, Va. Ethanol Facility



OMAHA, Neb., Nov. 15, 2018 (GLOBE NEWSWIRE)  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.



About Green Plains Inc.

Green Plains Inc. (NASDAQ:GPRE) is a diversified commodity-processing business with operations related to ethanol production, grain handling and storage, cattle feeding, food ingredients, and commodity marketing and logistics services. The company is one of the leading producers of ethanol in the world and, through its adjacent businesses, is focused on the production of high-protein feed ingredients and export growth opportunities. Green Plains owns a 49.1% limited partner interest and a 2.0% general partner interest in Green Plains Partners. For more information about Green Plains, visit www.gpreinc.com.



About Green Plains Partners LP

Green Plains Partners LP (NASDAQ:GPP) is a fee-based Delaware limited partnership formed by Green Plains Inc. (NASDAQ:GPRE) to provide fuel storage and transportation services by owning, operating, developing and acquiring ethanol and fuel storage tanks, terminals, transportation assets and other related assets and businesses.



Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements reflect management’s current views, which are subject to risks and uncertainties including, but not limited to, anticipated financial and operating results, plans and objectives that are not historical in nature. These statements may be identified by words such as “believe,” “expect,” “may,” “should,” “will” and similar expressions. Factors that could cause actual results to differ materially from those expressed or implied include risks related to Green Plains’ ability to successfully completing the portfolio optimization plan and other risks discussed in Green Plains’ reports filed with the Securities and Exchange Commission. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Green Plains assumes no obligation to update any such forward-looking statements, except as required by law.



Contact: Jim Stark, Vice President - Investor and Media Relations, Green Plains Inc. (402) 884-8700