Pinnacle Renewable Holdings completes acquisition of industrial wood pellet production facility1 November 2018
Pinnacle Renewable Holdings Inc has closed the previously announced acquisition of a 70% interest in an industrial wood pellet production facility located in Aliceville, Alabama from the Westervelt Company.
Pinnacle funded the acquisition of its 70% stake in the Aliceville Facility through a draw on its credit facility and cash on hand. Pinnacle and Westervelt are currently undertaking a capital spending programme to improve safety, product quality and plant efficiencies.
Westervelt, a diversified land resources company, has retained a 30% interest in the Aliceville Facility.
Pinnacle is a rapidly growing industrial wood pellet manufacturer and distributor and the third largest producer in the world.