SKM Recycling acquired for $66m


Friday, 11 October, 2019


SKM Recycling acquired for $66m

Cleanaway Waste Management has acquired the assets of the SKM Recycling Group (SKM).

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.”

Image credit: ©stock.adobe.com/au/azthesmudger

Related News

Call for hospitality industry to reduce food waste

Culinary institute Le Cordon Bleu Brisbane is calling on the hospitality industry to do its part...

Clarinda recycling facility set to shut in 2023

Kingston City Council has denied an application by recycling company Alex Fraser Group to extend...

And the streets were lined with… recycled plastic

Car bumper bars and other plastic items are being diverted from landfill to resurface roads in...


  • All content Copyright © 2019 Westwick-Farrow Pty Ltd