{"id":76183,"date":"2018-08-06T11:20:16","date_gmt":"2018-08-06T11:20:16","guid":{"rendered":"https:\/\/tin.happy-projects.ro\/major-us-company-quits-wood-pellet-business\/"},"modified":"2025-09-19T08:48:41","modified_gmt":"2025-09-19T08:48:41","slug":"major-us-company-quits-wood-pellet-business","status":"publish","type":"post","link":"https:\/\/www.timberindustrynews.com\/ro\/major-us-company-quits-wood-pellet-business\/","title":{"rendered":"Major US company quits wood pellet business"},"content":{"rendered":"
\n

Nearly a decade after entering the business of developing new wood pellet production machines, Astec Industries, Inc. said today it is giving up on its plans to engineer and develop a wood pellet plant in Arkansas and limiting its participation developing other new pellet plants.<\/em><\/p>\n

The Chattanooga-based heavy equipment manufacturer reported today better-than-expected profits from its core business, but Astec reported a net loss of $40.7 million in the second quarter because of losses in its wood pellet operations.<\/p>\n

Astec said it has agreed to pay $68 million in cash and forgive $7 million in receivables related to its incomplete wood pellet plant being built in Arkansas.<\/p>\n

Astec said it is exiting its contract with Highland in Arkansas and redefining its strategy to limit its participation in the wood pellet plant market to offering only proven technology for sale as an equipment supplier, not as an engineer, procure, construct (EPC) organization or a participating lender on wood pellet plant projects. Astec said it will continue to sell after-market parts and service support for wood pellet plants.<\/p>\n

\"In order to further capitalize on the strengths of our core businesses, we have exited our contractual obligations with regard to the Highland wood pellet plant and have redefined our wood pellet plant business.,\" Astec CEO Ben Brock said in today's earnings announcement. \"At the same time, we are engaging in a strategic sourcing review to streamline our procurement process. As we optimize our cost structure, our board is also considering capital allocation options. All of these actions are designed to position the company well for 2019 and beyond.\"<\/p>\n

In the second quarter, Astec said it lost $40.7 million, or $1.76 per share, on net sales of $272.5 million. In the same period a year earlier, Astec reported net income of $14.4 million, or 62 cents per share, on sales of $301.9 million.<\/p>\n<\/div>\n

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Nearly a decade after entering the business of developing new wood pellet production machines, Astec Industries, Inc. said today it is giving up on its plans to engineer and develop a wood pellet plant in Arkansas and limiting its participation … Continue reading →<\/span><\/a><\/p>","protected":false},"author":1,"featured_media":57924,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[4713,4716],"tags":[3922,3283],"class_list":["post-76183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies-in-the-timber-industry","category-latest-trends","tag-astec","tag-wood-pellets","topic-wood-energy","area-north-america"],"acf":[],"yoast_head":"\nMajor US company quits wood pellet business - Timber Industry News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.timberindustrynews.com\/ro\/major-us-company-quits-wood-pellet-business\/\" \/>\n<meta property=\"og:locale\" content=\"ro_RO\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Major US company quits wood pellet business - 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