Japanese conglomerate buys 48% share in B.C. wood-pellet producer

Business in Vancouver
October 23, 2017
Category: Business & Politics
Region: Canada, Canada West

A Prince-George-based wood-pellet manufacturing plant – the second largest of its kind in Canada – has sold a 48% stake in the company to a Japanese conglomerate, the province announced Monday. …Katsunori Takamitsu, Sumitomo’s general manager of biomass said in a statement that the pellets are seen as a clean, reliable fuel that will “provide a high-quality and consistent supply” to Japan’s utilities sector for power generation. The Japanese company has been importing from B.C. since 2008, and Takamitsu said the investment allows for Pacific BioEnergy to grow further in Japan. B.C. officials have also expressed hope that the investment will mean Pacific’s wood pellets would see an increase access to markets throughout Asia through Sumitomo’s worldwide network.

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