AVR - Energy from Waste sold to Cheung Kong Infrastructure
The transaction is expected to be completed in the third quarter of 2013. The transaction is subject to the customary requirements, including approval pursuant to the European Union Merger Regulation. A works council consultation process has been initiated.
Since merging with Van Gansewinkel Groep in 2007, several parts of the former AVR business have been integrated into the collection and recycling companies of Van Gansewinkel.
The traditional waste incineration activities of AVR have been developed in recent years into an industrial Energy from Waste platform through the implementation of innovative growth projects to produce an optimal mix of heat, steam and energy. With a total permitted capacity of over 1.8 million tons, AVR is the market leader in The Netherlands, with two main locations in Rotterdam and Duiven.
In addition to the production of electricity, a growing part of the energy produced at the EfW plants is delivered as steam to neighbouring industry and heat to local district heating systems. In 2012 AVR realised an annual turnover of € 256 million with an EBITDAE of € 108 million. AVR has 434 employees.
"This represents a good outcome for both AVR and Van Gansewinkel. It allows AVR to build upon the transformational change of the last years. For Van Gansewinkel Groep it is a new important step forward. With this transaction, we significantly strengthen our financial position. We are now fully focussing on collection and recycling." said Cees van Gent, CEO Van Gansewinkel Groep. ■