Stock Market News
Renewi sells Westcott Park facility for undisclosed sum
Waste-to-product company Renewi announced on Thursday that, further to its update on 9 March, it has sold its non-core Westcott Park anaerobic digestion facility to Olleco - ABP Food Group's renewables division - for an undisclosed sum.
The FTSE 250 company said the sale, completed 28 March, reflected the decision by the board to exit the loss-making facility in line with its strategy to actively manage its municipal portfolio to improve group margins and returns.
Renewi's board noted that the exit was achieved quicker than expected and that, under new ownership, the facility should benefit from scale, enabling it to operate optimally in the future.
As part of Olleco, the facility would be part of a network of plants servicing the food service sector as part of a fully-closed loop operation.
Olleco served 50,000 customer sites and employed more than 550 people across the UK.
All employees based at Westcott Park would transfer to Olleco, maintaining job security for all working at the facility, Renewi said.
"The sale of our Westcott Park facility is completely in line with our strategy to actively manage our municipal portfolio," said managing director of Renewi's municipal division, James Priestley.
"We are taking decisive action to improve the performance of the division and this demonstrates we are delivering against that recovery plan."
Priestley said the facility and the team based there would now be part of an operation exclusively focused on the food waste market, which would be beneficial for customers and suppliers as well as those people based at the facility.
"We will now work with Olleco to ensure a seamless transition."
The FTSE 250 company said the sale, completed 28 March, reflected the decision by the board to exit the loss-making facility in line with its strategy to actively manage its municipal portfolio to improve group margins and returns.
Renewi's board noted that the exit was achieved quicker than expected and that, under new ownership, the facility should benefit from scale, enabling it to operate optimally in the future.
As part of Olleco, the facility would be part of a network of plants servicing the food service sector as part of a fully-closed loop operation.
Olleco served 50,000 customer sites and employed more than 550 people across the UK.
All employees based at Westcott Park would transfer to Olleco, maintaining job security for all working at the facility, Renewi said.
"The sale of our Westcott Park facility is completely in line with our strategy to actively manage our municipal portfolio," said managing director of Renewi's municipal division, James Priestley.
"We are taking decisive action to improve the performance of the division and this demonstrates we are delivering against that recovery plan."
Priestley said the facility and the team based there would now be part of an operation exclusively focused on the food waste market, which would be beneficial for customers and suppliers as well as those people based at the facility.
"We will now work with Olleco to ensure a seamless transition."
Related share prices |
---|
Renewi (RWI) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price