May 21, 2019 By Verbio Diesel Canada Corporation
Verbio Diesel Canada Corporation, a wholly owned subsidiary of German company Verbio Vereinigte BioEnergie AG, has signed a contract with Atlantic Biodiesel Corporation to purchase a biodiesel plant located in Dain City, Ont.
The plant has an annual production capacity of approximately 150,000 tons of biodiesel and 18,000 tons of raw glycerin. The North American biodiesel market has an annual demand of approximately nine million tons of biodiesel based on soy and canola oil. Canola is comparable to rapeseed.
Pending resolution of certain conditions the closing is expected by mid-year 2019.
With this transaction, Verbio is consistently pursuing its internationalization strategy with regard to the growing biofuel market in North America. The purchase price will be financed by using Verbio AG’s freely available cash and internal cash flow.
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