In a deal expected to be completed within the next month, recycling specialists Wastepack are to receive £15m in investment and embark on a major expansion programme.
The expansion could help to create up to 50 new and upgraded recycling plants over five years. These are needed to meet the expected demand for domestic and industrial waste recycling required by European Union directives coming into force next year. Wastepack is responsible for the recovery and recycling of 225,000 tonnes of packaging waste annually in the UK.
Company spokesman Mike Beard said: `As people become more aware of the need for sustainability, our industry is becoming more attractive to City investors.’
The deal values the company at £30m. Founded in 1997, the Herefordshire-based operation has an approved and registered compliance scheme for UK packaging waste regulations.
Taking over the legal obligations of its scheme’s members for waste recycling, Wastepack operates the recovery and recycling of packaging materials for major British companies. It has one of the three largest UK compliance schemes with around 175 member companies, including, Heinz and Kodak.
Investment: £15m; Jobs created: not disclosed; Completion date: 2005.
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