Through its ownership changes, the Lawrence- burg Distillery still bears the "Seagrams" name on its facade. file photo   The Lawrenceburg Distillery. file photo

(Lawrenceburg, Ind.) - The 164-year-old distillery in Lawrenceburg has been sold for the fifth time in its history and second time in the past four years.

Kansas-based MGP Ingredients, Inc. announced Friday it has purchased the distillery from Lawrenceburg Distillers Indiana, LLC for $15 million cash.

The two sides have signed an agreement, but the transaction is still subject to certain regulatory approval and other closing conditions. Closing is expected by the first quarter of 2012.

According to the company website, MGPI is a leader in the development, production and marketing of naturally-derived specialty ingredients and alcohol products. Corporate offices are based in Atchison, Kansas while the company maintains a production facility in Onaga, Kansas and has joint venture manufacturing partners in the U.S. and Europe. MGPI was established in 1941.

"We are extremely excited about the opportunity to acquire the LDI distillery, which is one of the largest beverage alcohol distilleries in the world," said Timothy W. Newkirk, MGPI President and CEO, in a news release. "The purchase is in response to the numerous requests from our customers to supply them with high quality whiskeys and bourbons, in addition to our premium vodkas and gins."

READ THE FULL NEWS RELEASE FROM MGP INGREDIENTS HERE.

The sale includes the distillery, related bulk barrel storage facilities, blending operations and a tank farm.  Packaging and bottling operations located next to the distillery may go to a third party.

No details were given on how the sale may impact employment at the distillery.

The distillery – well known for the musty smell of mash which it sometimes emits - founded in 1847 enjoyed longtime ownership by Joseph E. Seagram and Sons starting in 1933.

The past decade has brought more changes for the expansive facility. In 2001, it was sold to Pernod Ricard, who then turned it over to CL Financial in 2007. CL Financial named the distillery Lawrenceburg Distillers Indiana, LLC.