Automotive parts supplier Plastic Omnium has sold its waste management subsidiary Plastic Omnium Environment BV to a consortium of private equity firms, including Latour Capital and Bpifrance (Banque Publique d'Investissement), for €220m, the company has announced.
The move is aligned with the French company's strategy to focus exclusively on its automotive operation.
In an 18-Dec statement, Plastic Omnium said its environment business was “the European leader in the containerisation of waste” and that it was “profitable and cash-generating”.
The standalone division has six plants in France, Germany and Spain, an R&D centre, and a recently inaugurated customer service centre in Saint Priest, France.
The business unit has a large network of agencies and service desks serving 8,000 customers, and generates annual revenue of €340m, or 4% of the group's total income.
The unit produces containers for households and collection banks, and offers related services including maintenance, washing and data management. It also provides urban equipment for waste disposal locations, playgrounds, parks and streets.
Plastic Omnium, a leading supplier of intelligent exterior systems, clean energy systems and modules for the automotive industry, announced its plans to shed the environment business in 2017 in order to solely focus on its automotive business.