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Mohegan — A newly established subsidiary of the Mohegan Tribe has acquired a wood pellet production plant in Peebles, Ohio.
Northeast Wood Products LLC, the subsidiary, acquired the plant, previously owned by the Pennington Seed Co., as well as equipment and assets of a Pennington facility in Kenbridge, Va., the tribe announced in a press release.
The subsidiary has also agreed to acquire Pennington’s pellet production plant in Ligonier, Ind.
“With the purchase of Pennington’s production assets, we are jump-starting our entry into the wood pellet fuel market,” Guy Mozzicato, president of Northeast Wood Products, said.
Northeast’s primary product, premium wood fiber pellets, will be sold under the trade name ThermaGlo. The pellets will be available in 40-pound bags for home use, in bulk loads for industrial customers and in container shipments for international markets.
Northeast expects to produce more than 130,000 tons of pellets annually at its Ohio and Indiana facilities, which will be in production within the next 120 days, the tribe said.
“The Mohegan Tribe is happy to be involved in a venture that combines its overall philosophy of a reverence for the Earth with a solid business model,” Mohegan Chairman Kevin Brown said. “The wood pellet venture creates fuel from a renewable resource.
“This is a very valuable addition to our growing portfolio of investments that is taking the tribe’s economy in new and exciting directions.”
The tribe, which owns Mohegan Sun and other gaming facilities, announced last week that it has signed a deal with a Pennsylvania-based restaurant chain to open at least 15 franchised restaurant locations throughout New England.
Under the agreement, the tribe will open the first of the 15 Arooga’s Grill House and Sports Bar locations adjacent to Mohegan Sun.