Shanks acquires Belgian wood recycler

Archiv – European waste management company Shanks Group takes over several companies which together constitute the Foronex Group from Belgium.
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.United Kingdom / Belgium | UK-based waste management company Shanks Group has acquired several companies which together constitute the Foronex Group of Belgium.
A leading player in the Benelux wood waste and by-products market, Foronex handles approximately 900 000 tonnes of material per annum with its principal suppliers being the timber and waste management industries. Major outlets for its products include board manufacturers and, to an increasing extent, operators of biomass production facilities. Foronex employs some 250 people and operates approximately 200 trucks.
The companies have been acquired from Joos Wemel and other members of his family for a cash consideration of Euro 13 million (Euro 23 million gross of net debt acquired).
Commenting on the transaction, Shanks Group Plc’s 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.’€™