Remondis Acquires Australian Waste Management Firm

The German company Remondis AG & Co., has acquired the waste management business of the Australian construction company Leighton Holdings for around $218 million. The deal is expected to be completed by the end of 2012.

In a statement, Hamish Tyrwhitt, CEO of Leighton Holdings, says, "I am very pleased to be able to announce the successful sale of Thiess Waste Management. Together with the disposal of HWE (Henry Walker Eltin Group Ltd.) last year, this sale represents approximately $1 billion recapitalization of the business.”

“The sale is part of our announced program to recycle capital from non-core into core assets. You can expect to see further divestments as we review the business and redirect capital into activities where the Leighton group excels and where returns can be enhanced. Through the progressive execution of this strategy, we will both strengthen our balance sheet and fund our future growth from the existing capital base.”

In a statement from Remondis, the German company says that with the purchase it is now one of the five largest waste management companies in Australia.

Thiess Waste Management’s portfolio includes transfer stations, landfills, logistics depots and recycling facilities in Queensland, New South Wales and Victoria, Australia.

Egbert Tölle, a member of Remondis’ board, says that  the acquisition fits Remondis’ international strategy, broadening the scope of its presence in Australia. “Through the acquisition of one of Australia‘s largest waste management and recycling companies we can considerably expand our services for both municipal and commercial customers.”