SKM Recycling acquired for $66m
Cleanaway will acquire SKM’s assets, including properties, plant and equipment, for approximately $66 million, subject to completion adjustments, with completion expected by the end of October 2019.
Cleanaway will take on a network of five recycling sites, including three material recovery facilities and a transfer station in Victoria and a material recovery facility in Tasmania. The site in Laverton North, Victoria includes an advanced plastic sorting facility that separates plastics from material recovery facilities into clean, individual polymer grades for sale or input into a pelletising facility. Cleanaway expects to offer employment to the majority of SKM’s full-time employees.
Cleanaway CEO and Managing Director Vik Bansal said, “Since the appointment of receivers and managers, significant progress has been made in clearing waste stockpiles from the sites, repairing plant and equipment, and bringing the sites to required safety, environmental and operational standards.
“We expect to gradually restore operations in Victoria over the coming months to provide councils with a quality, sustainable solution for their recycling.
“I would like to acknowledge and thank the Victorian Government, who helped expedite the clearing of waste stockpiles and the return to operations at the Laverton North site through the loan provided to the receivers,” Bansal said.
“The acquisition provides Cleanaway with a strong recycling platform in Victoria and Tasmania as part of our Footprint 2025 strategy and our mission of making a sustainable future possible.
“The recycling sector is undergoing significant structural changes, with a move to increase recycling within Australia to support a transition towards a circular economy. The acquisition provides us with the infrastructure to capitalise on the growth opportunities created by these changes.”
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