Renewi announces sale of Westcott Park facility
Further to the announcement on 9 March 2018, Renewi plc (LSE: RWI), the leading international waste-to-product company, today announces the sale of its non-core Westcott Park anaerobic digestion (AD) facility to Olleco (ABP Food Group's Renewables Division) for an undisclosed sum.
The sale, completed 28 March 2018, reflects the decision by the Board to exit the loss making facility in line with its strategy to actively manage its Municipal portfolio to improve Group margins and returns.
The Board is pleased to note this exit has been achieved quicker than expected and that, under new ownership, the facility is expected to benefit from scale thereby enabling it to operate optimally in the future. As part of Olleco the facility will be part of a network of plants servicing the food service sector as part of a fully closed loop operation. Olleco serves 50,000 customer sites and employs over 550 people across the UK. All employees based at Westcott Park will transfer over to Olleco so maintaining job security for all working at the facility.
James Priestley, Managing Director of Renewi's Municipal Division said:
"The sale of our Westcott Park facility is completely in line with our strategy to actively manage our Municipal portfolio. We are taking decisive action to improve the performance of the Division and this demonstrates we are delivering against that recovery plan. The facility and the team based there will now be part of an operation exclusively focused on the food waste market which will be beneficial for customers and suppliers as well as the people based at the facility. We will now work with Olleco to ensure a seamless transition."
For further information:
+44 207 404 5959
+44 1908 650582
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About Renewi plc
Renewi, created in 2017 by the merger of Shanks Group plc and Van Gansewinkel Groep B.V., is a leading waste-to-product business ideally positioned to be part of the solution to some of the main environmental problems facing society today: reducing waste, avoiding pollution, and preventing the unnecessary use of finite natural resources.
We are listed on the London Stock Exchange and are a constituent of the FTSE250 index. With over 8,000 employees in Europe and North America, we have deep expertise and an extensive breadth of waste management products and services.
For us, waste is a state of mind, an opportunity. When we take away someone's waste, we then give it new life. We transform a wide range of used materials into useful products and raw materials for our customers, like recycled paper, metal, plastic and glass, woodchips, compost, energy, fuel, and other products.
In the process we protect the world from contamination, preserve finite natural resources, and enable customers to meet their sustainability goals. With our deep international expertise we also provide our customers with an extensive product range, combined with local service and attention.
Above all, our team is committed and passionate about our mission: waste no more. Renewi operates across five divisions:
• Netherlands Commercial - Collecting, sorting, treating and recycling commercial and household waste in the Netherlands
• Belgium Commercial - Collecting, sorting, treating and recycling commercial and household waste in Belgium
• Hazardous Waste - Treating soil, water and packed chemical waste at our flagship ATM facility and conducting specialist industrial cleaning in the Netherlands
• Monostreams - Managing a range of waste streams which focus on specific end markets such as glass, electronic goods, organics and minerals in Europe
• Municipal - Operating long-term waste management contracts with local authorities in the UK and Canada
For more information, please visit: www.renewiplc.com
Images are available to download at: www.renewiplc.com/imagelib
This information is provided by RNS