Cargill Inc., the largest closely held U.S. company, said it will close a corn-milling plant in Memphis because it’s underutilized and is located too far from the corn belt.

The corn-oil refinery at the site will remain open, Minneapolis-based Cargill said today in a statement. The corn- milling plant, which employs about 440 people, is due to close in January. Cargill said it’s “committed” to the rest of its U.S. corn-milling business.