Biffa is investing over £3m in its two glass recycling facilities in Aldridge and Edmonton, with an aim of reducing the risk presented by the volatile onward glass market.
A better grade of glass will be the outcome of the mulit-million investment, which will see the company upgrade to “cutting-edge” equipment that will enable Biffa to reduce contamination and remove foreign bodies often found in glass.
Ian Wakelin, CEO at Biffa said: “In order to meet the needs of today’s contaminated glass, while securing a profitable future for this area of the business, investment was a prerequisite.
“The new technology afforded by this major investment will enable our glass recycling plants to operate more efficiently and effectively, while ensuring we can create a sustainable pathway for business development.”
Ian Wakelin – “The new technology afforded by this major investment will enable our glass recycling plants to operate more efficiently and effectively, while ensuring we can create a sustainable pathway for business development”
The announcement comes after reports by Sky News that the owners of Biffa have appointed Rothschild to begin preparations for an IPO listing that could take place during the course of next year. (See CIWM Journal Online story)
The plan for a stock market flotation comes less than three years after financial problems prompted a takeover by its lenders.
In 2008, Biffa was valued at £1.7bn including debt, but a restructuring deal agreed in 2012 wiped out much of the company’s borrowings and saw senior lenders take control of the company.
Biffa won an eight-year contract to provide household recycling and refuse collections and street cleansing for Manchester City Council in April, one of the largest contracts won by Biffa, providing waste management and related services for over 50 local authorities across Britain.
The contract award follows a year-long tendering process to find a single contractor to manage both household collections and street cleansing for over 514,000 residents of one of England’s largest and highest profile cities (See CIWM Journal Online story).