Greenstar says contract signed for sale of some of its business to Panda
The Board of Greenstar says that a contract has been signed for the sale to Panda of the Collections, Transfer and Processing Divisions of the Greenstar business. The transaction does not include the Landfill Power Business which will remain under current ownership.
The transaction - no details of which were given - is subject to clearance from the Competition & Consumer Protection Commission (CCPC) and a notification has been filed with the CCPC. It is business as usual for all Greenstar customers and the merger, if cleared, will enhance the levels of service both companies currently offer.
Mark Burrows Smith, CEO of Greenstar said: 'The consolidation of the waste management industry in Ireland has long been viewed as necessary and this transaction is consistent with the objectives set by the Greenstar Board.
'The Greenstar Board would like to reassure our employees, customers and other stakeholders that both the Greenstar Board and the Greenstar Management Team will be working closely with Panda to ensure a smooth transition for all concerned following completion. Until completion, the Greenstar business will continue as usual.'
Brian McCabe, CEO, Panda said: 'Panda was founded over 30 years ago and has grown from strength to strength over that time.
The joining of Panda and Greenstar will create a leading Irish owned and managed municipal and commercial waste collection, processing and recycling business in the country. We look forward to bringing together the talent from both organisations and to welcoming our new colleagues and customers". Until completion, both will continue to run their operations as normal.