Foronex is a leading player in the wood waste and by-products market in the Benelux handling approximately 0.9 million tonnes per annum. The principal sources of inputs are the timber and waste management industries. The major outlets for these products are to the board manufacturers and increasingly the supply of biomass for green energy production. Foronex employs some 250 people and runs approximately 200 trucks.

The companies have been acquired from Joos Wemel and other members of his family for a cash consideration of €13 million (€23m gross of net debt acquired).

Commenting on the transaction, United Kingdom -based Shanks Group plc Group Chief Executive, Tom Drury says: 'We are delighted with this acquisition which better positions the Group to take advantage of the converging waste and energy markets, an increasingly important component of modern waste management. It also provides further integration in the supply chain for waste wood, a major output from our recycling centres in both the Benelux and the UK.'

Acknowledgement

www.shanks.co.uk