USTC increases stake in CM Biomass to 89 per cent following share acquisition
Denmark’s United Shipping and Trading Company (USTC) has significantly increased its stake in CM Biomass, a wood pellet and biomass supplier. Initially acquiring a majority share in 2021, USTC has now raised its ownership to 89%, securing an additional 22% of shares from minority shareholders. CEO Nina Østergaard Borris highlighted the strong business case and synergies, especially in logistics and risk management, that have contributed to CM Biomass’s performance. USTC assured that this shift in ownership will not alter the strategic direction or priorities of CM Biomass.
Denmark’s United Shipping and Trading Company (USTC) has increased its stake in CM Biomass. USTC initially acquired a majority share in the wood pellet and biomass supplier in 2021, with plans to gradually increase its holdings over time, reported Bioenergy Insight.
Last spring, USTC raised its ownership from 60% to 67%, and now it has secured an additional 22% of shares, bringing its total ownership to 89%. This acquisition follows agreements with several minority shareholders who decided to sell their stakes.
Nina Østergaard Borris, CEO of USTC, commented, “When we first acquired a majority stake in CM Biomass in 2021, we saw a strong business case and significant synergy potential with the broader USTC Group. Since then, CM Biomass has continued to perform well, and we’ve benefited from synergies, particularly in logistics and risk management.”
USTC has stated that the shift in ownership will not impact the strategic direction or priorities of CM Biomass moving forward.
Source : Bio Energy Times
#USTC #CMBiomass #RenewableEnergy #WoodPellets #Biomass #SustainableEnergy #EnergyTransition #GreenEnergy #Acquisition #LogisticsSynergy #CleanEnergy
Recommended for you
Leave a Reply
Leave a Reply
