USTC takes more ownership over CM Biomass
USTC has raised its stake in CM Biomass from 67% to 89%, solidifying its position in the wood pellets and biomass market. Since acquiring a majority in 2021, USTC has leveraged synergies, especially in logistics and risk management, to drive growth. The strategic direction of CM Biomass remains unchanged, aligning with USTC’s long-term vision, according to CEO Nina Østergaard Borris.
Copenhagen: Family-owned USTC has taken a significant step in its strategic expansion by increasing its stake in CM Biomass, a leading supplier of wood pellets and biomass. USTC, which first acquired a majority share in CM Biomass in 2021, has now raised its ownership from 67% to 89%, according to the press release.
This move follows a steady trajectory of investment since USTC initially took control of the company, aiming to harness synergies within its group of businesses. In spring 2023, USTC increased its share by 7%, bringing it to two-thirds ownership. Now, with several minority shareholders selling their shares, USTC has further solidified its position.
“When USTC acquired the majority shares of CM Biomass in 2021, it was because we saw a strong business case and tremendous synergy potential with the rest of the USTC Group,” said Nina Østergaard Borris, CEO of USTC. “CM Biomass has continued to perform strongly, and we’ve been able to capitalize on synergies, particularly in logistics and risk management.”
Despite the increase in ownership, the strategic direction of CM Biomass will remain unchanged. USTC has emphasized its commitment to maintaining the company’s priorities and continuing its growth in alignment with its long-term vision.
Source Link : Bio Energy Times
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