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.
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