Energy merger to be officially signed
Parry Sound Hydro Corporation and Lakeland Holdings Limited will officially merge today. After almost two years of discussions, shareholders approved the merger of the two corporations in December 2013 and they’ll make it official at a signing ceremony in Burk’s Falls this afternoon at 1:00pm.
Parry Sound Mayor Jamie McGarvey says the merger will provide for multi-million dollar upgrades to Parry Sound’s Cascade Generation station capacity and will provide new opportunities to enhance shareholder value and improve the efficiency of both companies. The amalgamation takes effect July 1st and will give the Town of Parry Sound just over a 15 percent stake in the new merged company.