Denmark’s USTC has acquired a majority 60% stake in compatriot CM Biomass, the world’s largest independent wood pellet trading company.
The CM Biomass management team and the organisation will remain unchanged with Simon Rodian Christensen as its CEO. CM Biomass will form a new and separate entity in the USTC portfolio that already covers companies like Bunker Holding and Uni-Tankers.
“The objective is to build on its global leading position within sourcing and distribution of sustainable biomass which is one of the key components in the green transformation of the international power and heat production,” USTC stated in a release today.
No price for the transaction has been revealed.