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
Latest News
Polish Glulam, German CLT Projects Pick Minda
As a specialist in engineered wood production lines, Minda has been a perfect partner for green and brownfield projects for more than 40 years. One of the last brownfield projects was the extension of a glulam line in Poland for Andrewex Construction, the biggest manufacturer of glulam in Poland with more than 30 years of experience…
Lumber Quality Workshops Announced
Terry Brown and the Lumber Quality Institute will again offer two lumber quality-related workshops in Salem, Ore. for the sawmill industry in November 2023. The Lumber Quality and Process Control Workshop will be held November 6-7, and the Lumber Quality Leadership Workshop will be held November 8-9…
BID Group Starts Apprenticeship Program
In a significant development for the local community, BID Group has collaborated with the Dept. of Labor and Apprenticeship Carolina to launch a groundbreaking apprenticeship program in its Fabrication Shop. The program provides valuable opportunities for aspiring professionals in the manufacturing sector…
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.