A wood pellet plant in Atikokan is primed for a major expansion. The northern Ontario plant's new owners are looking to increase their business and commercial presence in the area by not only adding jobs, but also by diversifying their products while looking into export possibilities. A sustainable energy company has taken control of the plant, which was put on the market last fall.
The mill, which was owned by a bankrupt company in the States, had massive debts. The former owner continues to sell its assets in North America. The sale of the mill safeguarded 25 jobs in the small community.
The sale price of the mill has not been made public, but it will begin to produce heating pellets for homes to be sold both in North America and overseas. It also has a contract with Ontario Power Generation (OPG) to provide 44,000 tonnes annually of commercial grade pellets up until the year 2024. The mill has a 110,000-tonne capacity, and the new owners have plans to get those numbers up to reach that.
There are many new business and commercial ventures taking place in Ontario every day. These deals are well regulated by the law and those looking to enter into contractual agreements when it comes to business may benefit from seeking experienced legal counsel. A lawyer will always have the back of his or her clients when it comes to potential contractual agreements. A lawyer may be able to provide an entrepreneur with invaluable advice before making either a purchase or sale in the business world.
Source: northernontariobusiness.com, "Expansion in the works for Atikokan wood pellet mill", Ian Ross, March 29, 2018