Viridor Acquires Reconomy Recycling Solutions
Sep 21 2010
Viridor (UK) has acquired independent integrated recycling and waste management operator Reconomy Recycling Solutions (RRS) for a cash consideration of £23.8m on a debt-free basis. The acquisition is in line with Pennon Group’s (Viridor’s parent company) stated strategy of expanding its waste management activities, particularly in the areas of recycling, waste treatment and disposal.
The RRS business consists of a full range of recycling and waste management operations, including three material recycling facilities, a fleet of over 50 collection vehicles, paper, card and plastics processing, confidential destruction, and a waste transfer station. It employs over 150 people and handles approximately 250,000 tonnes of material per annum, of which over 150,000 is recycled.
Commenting on the acquisition, Mike Hellings, Managing Director of Viridor said, “The UK’s waste strategies demand ever-increasing levels of recycling. Reconomy has an excellent track record over recent years in providing essential recycling services to businesses in their operating region. Their innovative and professional approach will fit very well with our Viridor culture and we look forward to welcoming and working with our new colleagues.
“This acquisition fits with Viridor’s strategy of expanding its materials recycling capacity, particularly where there are synergies with existing assets. It will further strengthen Viridor Resource Management’s position as a leading supplier of quality recyclate volumes for UK and international markets.”
Patrick Macdonald, Chief Executive of Reconomy, said “I am delighted that Viridor is purchasing Reconomy Recycling Solutions. Pennon Group is a great home for RRS. This is good news for employees, customers, suppliers and all other stakeholders in the business.
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