PreZero to Purchase Suez's Recycling & Recovery Operations in Parts of Europe

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Comserve Inc.

Sep 20, 2020, 10:07 EST

Bronx, United States, Sep 20, 2020, 10:07 /Comserve / -- Leading recycling and waste management company PreZero, has announced on Wednesday (i.e., September 16, 2020) that it has signed a strategic partnership of intent with the SUEZ group

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Paris, September 18, 2020: Leading recycling and waste management company PreZero, has announced on Wednesday (i.e., September 16, 2020) that it has signed a strategic partnership of intent with the SUEZ group, an environmental services specialist, to acquire the recycling and recovery operation of SUEZ in parts of the Europe.

Headquartered in the Neckarsulm city of Germany, PreZero is the environmental division of Schwarz Group that provides multiple services such as waste collection and disposal, processing, sorting, and recycling. Through various acquisitions in recent years, PreZero has expanded its global footprint in many European and North American countries. It currently employs over 3,600 employees at more than 90 locations worldwide.

Through this partnership, SUEZ intends to sell it’s recycling & recovery operations in four mainland European countries, which include the Netherlands, Poland, Luxembourg, and Germany. As part of the Memorandum of Understanding (MoU) signed by both the parties, SUEZ and the Schwarz Group will discuss the possibility of forming strategic alliances to promote the growth of the circular economy. The acquisition is scheduled to be concluded in the first quarter of 2021 and is subject to regulatory clearance and customary closing conditions.

Gerald Weiss, the Managing Director of PreZero International, is pleased with this acquisition and believes that the combination of both the companies would help to create synergies and improve the waste and recycling management. He further added that the partnership would help to enhance the company’s service portfolio and expand its presence globally.

Earlier this month, Suez announced a strategic partnership with a major sustainable plastics technology innovator, Loop Industries, to build a recycling facility in Europe. The final site selection and engineering are expected to be finished by the mid of 2021, and the building is officially scheduled to be commissioned in 2023. As per the latest financial statement, the company reported consolidated revenue of EUR 8,166.6 million for the period ending June 30, 2020, as compared to the previous year’s revenue of the same period, which was EUR 8,656 million. It is evident that the company witnessed a slight decline by (-) 5.6% Y-o-Y in its revenue as its operation was hit due to the COVID-19 outbreak.

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