Brambles has agreed to sell part of its Cleanaway Asia business, comprising the landfill gas to energy business in China and Taiwan and the recovered paper business, to Veolia Environmental Service China Ltd., a part of the Veolia Group, for about $25 million in cash.
The sale is subject to customary conditions precedent and is expected to be completed during the first quarter of next year.
Brambles also agreed to sell the remaining part of its Cleanaway Asia business, its 50 percent share in Taiwan landfills, to its joint venture partner , Kang Lien Enterprise Company Ltd., for about $15 million. This sale is subject to customary conditions precedent and is expected to be complete by next month.
The sale of Cleanaway Asia concludes the divestment program Brambles announced last November.
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