Pennon Group PLC announces that its subsidiary, Viridor Waste Management Ltd. has acquired Reconomy Recycling Solutions Ltd, a U.K. materials recycling company, for £23.8 million (US$35.6 million). The acquisition is in line with the group's strategy of expanding its waste management activities, particularly in the recycling sector.
Reconomy operates two facilities in the United Kingdom, in East Anglia and the South Midlands, and comprises MRFs in Wellingborough; Soham, Cambridgeshire; and Corby, Northants; along with associated collection and transfer activities. It processes about 150,000 metric tons of recycled material per year.
Colin Drummond, Viridor’s CEO, says, "The UK's waste strategy demands ever increasing levels of recycling. This is a fast growing part of Viridor's business now accounting for around 15 percent of the company's profits. This acquisition has an excellent geographic and business fit with Viridor's existing operations in the East of England and is expected to be earnings enhancing before amortization of intangibles in its first full year."
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