Pinnacle completes acquisition of Alabama pellet plant
October 17, 2018
By Pinnacle Renewable Energy
Oct. 17, 2018 - Pinnacle Renewable Holdings Inc. has closed the previously-announced acquisition of a 70 per cent interest in an industrial wood pellet production facility located in Aliceville, Ala., from the Westervelt Company. Westervelt, a diversified land resources company, has retained a 30 per cent interest in the Aliceville Facility.
Pinnacle funded the acquisition of its 70 per cent 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 program to improve safety, product quality and plant efficiencies.
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