MGP Ingredients Inc MGPI is planning the closure of its distillery in Atchison, Kansas, with the anticipated closure date estimated to be January 2024.
The distillery is responsible for producing grain neutral spirits and industrial alcohol products and their related co-products.
The decision is a part of the company's plan to address profitability headwinds within its Distilling Solutions segment.
MGP will continue to operate and invest in its Ingredient Solutions business located in Atchison, Kansas.
The company will also continue to operate and invest in its Lawrenceburg, Indiana, distillery operations.
"After careful deliberation, we have concluded that the closure of our Atchison distillery is a necessary step to further align the product categories we participate in and their supporting operations, consistent with our long-term strategic objectives," said President and CEO David Colo.
Price Action: MGPI shares are trading higher by 0.57% at $110.25 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
