Header: Header: Header:

Pinnacle Renewable Energy To Be Acquired By Drax Group

Pinnacle Renewable Energy Inc. has entered into an arrangement agreement with Drax Group and its wholly-owned subsidiary, Drax Canadian Holdings Inc., pursuant to which Drax will acquire all of the issued and outstanding common shares of Pinnacle in an all-cash transaction valued at C$831 million, including the assumption of net debt and Pinnacle’s non-controlling interests in its joint ventures.

Duncan Davies, Pinnacle’s CEO, says, “Pinnacle’s Board of Directors has unanimously determined that the transaction represents the best course of action for the company and its shareholders. On closing, the transaction will deliver immediate, significant and certain cash value to our shareholders. At the same time, the combination of Pinnacle and Drax will create a global leader in sustainable biomass with the vision, technical expertise and financial strength to help meet the growing demand for renewable energy products around the world.”

The several minority partnerships Pinnacle has in place with sawmill companies appear to remain under the proposed acquisition.

RELATED ARTICLES

Satellite Pellet Mills Will Count On Sawmill Byproducts

Drax Purchase Alters Biomass Landscape

Pinnacle, Tolko Team Up Again

Latest News

Hoffman Companies Acquires Besse Forest Products Group

The Hoffmann Family of Companies (HFOC), a Florida-based family-owned private equity firm, has acquired Besse Forest Products Group, the longstanding Michigan-based family-run company with 10 manufacturing facilities, including four sawmills, a lumber drying concentration yard, four veneer mills and a cut-to-size plywood mill.

Roseburg Names Tony Ramm Senior VP

Roseburg announced that Tony Ramm has been named Senior Vice President of Human Resources and Labor, overseeing the company’s human resources, benefits and compensation, recruitment, and environmental health and safety teams.

Find Us On Social

Newsletter

The monthly Timber Processing Industry Newsletter reaches over 4,000 mill owners and supervisors.

 

Subscribe/Renew

Timber Processing is delivered 10 times per year to subscribers who represent sawmill ownership, management and supervisory personnel and corporate executives. Subscriptions are FREE to qualified individuals.

Advertise

Complete the online form so we can direct you to the appropriate Sales Representative.