09.09.2009 12:56 pm
Florida firm acquires Wood Energy for $6.4 million
St. Louis Post-Dispatch
B.H.I.T. Inc. of Boca Raton, Fla., announced Wednesday it has acquired Clarkson Valley-based Wood Energy Group Inc., a railroad tie reclamation and energy generation company, for $6.4 million.
Wood Energy, led by President Greg Smith, reclaims railroad ties and recycles the ties to either the energy co-generation or landscape markets. The local company, which has 25 employees, also processes wood products for forest products companies for additional sources of biomass fuel, the acquirer said in a press release.
Last year, Wood Energy reclaimed approximately 900,000 railroad ties and generated revenues of more than $5.2 million, it said.
B.H.I.T. also said the local business will be the first of other acquisitions planned in railroad support services.
