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French recycler announced increased sales / Progression in deal to acquire Coved

French recycler announced increased sales / Progression in deal to acquire CovedFrench recycling group Paprec's (Paris / www.paprec.com) annual sales rose 16% last year to EUR 949.5m, boosted by what it called ?improved organic growth in services?. The group said its performance had been helped by securing a number of new contracts with both industrial and public customers, while sales of recycled materials, bought-in goods and equipment had also grown. This had been driven by a rise in volumes of paper generated from non-hazardous industrial waste, selective household waste and bulky waste, helped by an increase in the average price per tonne of raw materials sold on from recycling.

Paprec processes around 6m t of waste annually, including 200,000 t of plastics waste, and also treats paper, construction and wood waste. It said its adjusted EBITDA for 2016 had increased to EUR 109.3m, an increase of 8%.

The recycler announced it was on track to complete the acquisition of Collectes Valorisation Energie Déchets (Coved), a subsidiary of waste management company Saur (Toulouse / France; www.saur.com). Paprec said it was proposing to launch EUR 225m-worth of 5.25% loan notes, using part of the funds raised to fund the acquisition and settle Coved?s debts and other costs. Coved reported revenue of EUR 347.7m last year, an increase of 1.9% compared to 2015, panerai replica according to Paprec. It posted a 2.8% fall in EBITDA in 2016 to EUR 41.1m.21.03.2017 Plasteurope.com [236463-0]

» Publication Date: 21/03/2017

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