Suez (SZE.FR) unit Suez Environment said Friday its has concluded an agreement with E.On (EOA.XE) to unbundle their joint shareholdings in three Swedish companies involved in the waste market.
This agreement includes:
- The purchase by SUEZ Environment of the 25% E.ON Sverige's participation in SITA Sverige, SUEZ Environment's waste management subsidiary in Sweden,
- the acquisition by E.ON Sverige of SITA Sverige's shares of 9,9% in SAKAB1 and 35% in Ecoplus2
This agreement enables SUEZ Environment to hold 100% of SITA Sverige and to pursue its development in the country on all segments of the market of industrial, commercial and municipal waste.
Since the beginning of the year, SITA Sverige has concluded several new contracts, mainly with municipalities for collection of household waste, for a cumulated turnover of nearly EUR30 millions.
SUEZ Environment, through SITA Sverige, is now one of the leading waste and recycling companies in Sweden and generates in 2007 a turnover in the country of EUR214 millions. With 1100 employees and about 60 locations in the country, SITA Sverige serves about 30 000 customers of which 50 are municipalities. This agreement is subject to the approval from the E.U. competition commission.