Buhler Industries Inc. announced April 17 it had closed the sale of two properties located in Fargo, N.D., and Vegreville, Alta. The Company identified the properties as "Assets held for sale" on its balance sheet. In addition, Buhler Industries completed the sale and leaseback of its Woodstock, Ont., property. Buhler Industries has the option to lease the Woodstock property for up to 5 years.
Total proceeds net of commission was $24.3 million for all three-property sales. Proceeds will support operations and future capital investments in the Company. First quarter results will reflect the Fargo, N.D., property sale located in the United States while the second quarter will reflect the sales of the Vegreville, Alta., and Woodstock, On., properties located in Canada. Sale of the U.S. property was through the B.I.I. Fargo, Inc. subsidiary while the sales of the Canadian properties was through the Buhler Trading Inc. subsidiary.
Buhler reported its 2022 earnings earlier this month, showing revenue for the year was $178.8 million, down $57.6 million from sales of $236.4 million in 2021. The Company's decreased sales for the period primarily results from the accounting change to a December year-end in 2021.
