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Greenstar to Acquire Veolia Environmental Services' Irish Commercial Waste Business
Dublin – 21st October 2009
Greenstar, Ireland’s largest waste management company, has today announced the acquisition of the commercial waste and recycling operations of Veolia Environmental Services in Ireland. The sale, which is part of the asset disposal programme announced by parent company Veolia Environment on 6th March 2009, does not include Veolia’s hazardous waste management business, which will continue to operate as part of its strategic plan in the Irish market. On completion of the acquisition, which is subject to Competition Authority approval, Greenstar will consolidate its position as the largest recycling and waste management company in Ireland.
The acquisition will enable Greenstar to strengthen its position in Dublin, Cork and Waterford and expand its national footprint into Limerick. It will also facilitate the entry of Greenstar’s operations into Northern Ireland where Veolia has a materials recycling facility located in Newry. Today’s announcement by Greenstar follows its successful refinancing of a €120m debt facility, which was completed last month.
The acquisition will complement Greenstar’s existing infrastructure and result in the addition of 3,500 corporate customers to Greenstar’s existing commercial customer base of 10,000 and 60,000 domestic customers.
Commenting on the acquisition, Neil Parkinson, Chief Executive, Greenstar said, “This acquisition enables Greenstar to bring increased efficiency to its operations, drive better and innovative recycling and further improve the price and product offering to its customers.
The current downturn has resulted in overcapacity in the waste industry. The combination of Veolia’s commercial waste business with Greenstar will allow us to benefit from greater economic synergies; the increased throughput will improve the yield from our existing recycling facilities and further enable the company to invest in recycling infrastructure. Both companies are recognised for applying high standards to their activities and this is reflected in the quality of the customer base of both entities.”
Jean-Dominique Mallet, Executive Chairman, Veolia Environmental Services Northern Europe commented: “I am very pleased that we have reached agreement with Greenstar and am confident that the new owners will continue to bring real benefits to the customer base. Veolia looks forward to developing its hazardous waste business in the Irish market.”
About Greenstar
Greenstar, a subsidiary of NTR plc, is Ireland’s largest provider of environmental, waste management and recycling service. Greenstar offers customers an environmentally compliant, transparent and traceable service with respect to collection, materials recovery, recycling, biological treatment, e.g., composting, and residual landfill. Additional services offered by Greenstar include consultation, education, research, and environmental waste auditing.
Since its inception in 1999, Greenstar has invested €275 million in infrastructure and strategic acquisitions and has increased employment from 100 to over 600 in 40 locations nationwide.
Greenstar operates materials recovery facilities (MRFs) in Wicklow, Sligo, Cork and Dublin, including Millennium Park, the country’s largest and most sophisticated automotated recycling facility, which can divert between 70-85% of waste from landfill disposal. Greenstar delivers services to over 10,000 business customers nationwide and 60,000 households in nine counties, including Dublin, Cork, Waterford, Wexford, Wicklow, Kilkenny, Carlow, Sligo and Mayo.
Greenstar owns and operates three EPA licensed, state-of-the-art residual landfill facilities at Knockharley, County Meath, Kilconnell, Co. Galway and Ballynagran, Co. Wicklow. Greenstar has been the recipient of many awards including the Green Apple Award for environmental best practice and the 2008 PEEL People’s Cup for its residual landfill facility at Ballynagran, Co. Wicklow, the first time an Irish facility had received this prestigious award.
About Veolia Environmental Services
Veolia Environmental Services (VES) is the waste management division of environmental services company Veolia Environment, which operates in 72 countries and across four divisions; waste, water, energy and transport.
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