The latest news, trends, analysis, interviews and podcasts from the global food and beverage industry

US foodtech company Benson Hill has divested its Creston, Iowa, soy processing business to White River Soy Processing (WSRP) for $72 million. The Creston plant produces soy meal and oil, as well as food-grade soy white flake, flour and grits. Benson Hill has also announced that it has retired its term loan facility, which, in combination with the proceeds of its divestment of its soy processing business, have aided in the company’s transition to an asset-light business model. This is part of the foodtech company’s strategic restructuring. Through the Creston transaction, Benson Hill hopes to sharpen its focus on core growth areas. As a result of the purchase, Benson Hill has transferred all operations related to the Creston soy processing facility, including the established customer base, to WRSP ownership. Around 55 team members based at the Creston site will continue employment under the new ownership. Benson Hill’s CEO Deanie Elsner said: “This divestiture supports our strategic plan to reshape our organisation and transition to an asset-light business model with an expanded focus on animal feed markets. More importantly, exiting our ownership and operation of soy processing assets strengthens our balance sheet with lower capital and operating expenditures, while allowing us to thoughtfully allocate resources to leverage our core competencies as a technology-enabled, seed innovation company.” Elsner concluded: “We know WRSP leadership well and have confidence that they will operate the facility with the highest industry standards and a customer-centric approach”. WRSP also separately purchased Benson Hill’s Seymour, Indiana soy crush assets in October last year.