NTR sells US Greenstar unit for $180m
Published 01/02/2013 | 13:01
NTR said it sold its US recycling subsidiary for $180m (€132m) as it continues to shift focus towards renewable energy.
The company, which has shares on the grey market, sold the Greenstar unit to WM Recycle America which is a subsidiary of Waste Management.
Greenstar is the largest private recycler in the US. Staff at the Greenstar waste recycling company, which was put into receivership five months ago, have been told that the receiver may have found a potential buyer for it provided wages are cut significantly.
Greenstar in the US is not the same company as NTR’s operations in Dublin which have a similar name.
The Dublin-based Greenstar, which employs about 800 people and collects waste from over 80,000 Irish households and 12,000 businesses a year. That company went into receivership last August with debts of around €83m and is still seeking a buyer.
The US deal will net NTR around $129m after debts have been repaid and may generate up to $40m over the next five years if Greenstar meets certain targets, the company said yesterday.