BY Fraser Tennant. Kobe’s various product initiatives support GHG reduction. KKR was keen to do the deal because the firm didn’t have a waste management business in the U.K. and found the sector to be attractive given the rising focus on green energy, the people said.The Viridor division works with more than 150 local authorities and major corporate clients and has more than 32,000 customers across the U.K., according to its website. . “Viridor has a clear strategy based on market demand and a real understanding of the challenges and opportunities in this sector based on years of experience. The 15-page analysis by B. Riley FBR Inc. sees increased demand for HBI and DRI in part because of new EAF melt shop capacity that is under construction and because of a potential scarcity of prime grades of ferrous scrap.The company will serve Insteel’s 10 manufacturing plants throughout the U.S. View all news The company adds that the new venture will use existing and new low-CO2 iron-making technologies, such as Tecnored Technology and Midrex Process.
KKR is to buy UK recycling company Viridor in a £4.2bn all-cash deal, marking one of the first large transactions to be agreed during the market turmoil triggered by the coronavirus pandemic.
Banks have agreed to finance the debt for the deal, a person familiar with the matter said.The company will be relatively sheltered from the effects of the pandemic because of its long-term contracts with local authorities, which last as long as 25 years, the people said. Insteel is a world-class organization and leader in their industry, and we are thrilled to now call them a client.”Insteel Wire Products is a wholly owned subsidiary of Insteel Industries Inc. and is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. “By working together, we can use the collective power of the brands to help minimize the environmental footprint of packaging by changing manufacturing and consumer behaviors.”Comments Ewan Andrew, chief sustainability officer of Diageo, “We’re proud to have created this world first.
Many dealmakers are unable to attend in-person meetings for due diligence and debt markets are struggling.Viridor is “incredibly resilient, incredibly defensive and supported by long-term contracts with local authorities,” said James Gordon, a member of KKR’s European infrastructure team.The private equity firm said it has a “very interesting opportunity to grow the business and . It is also planning to announce a new dividend policy for the period from 2020 to 2025 when it reports full-year results on June 4.Barclays Plc and Morgan Stanley advised Pennon on the sale while RBC Capital and UBS Group AG worked with KKR. The CO2 emissions produced in the Midrex process using natural gas and hydrogen are dramatically lower than the blast furnace route, the company says.“We are excited to provide Midrex Technology using both natural gas and hydrogen to help steelmakers mitigate CO2 emissions and transition from aging blast furnace technology,” says Stephen C. Montague, president and CEO of Midrex Technologies Inc.This initiative fits with the vision and mission of Kobe Steel and Midrex. FTSE 250 utility company Pennon said today it has agreed to sell waste business Viridor to private equity firm KKR in a £4.2bn deal. The buyout firm’s infrastructure arm beat out several private equity and infrastructure funds with a fully financed offer early in the auction, said people familiar with the matter, who asked not to be identified because that information was private.Pennon shares fell 5.4% at 9:26 a.m. Thursday in London, valuing the firm at about $5.2 billion. KKR could potentially own the business for the next 15 years.Viridor, which has 1,200 employees, operates recycling, energy-from-waste and landfill facilities and runs a waste collection service.
“The company is already a sector leader with a strong platform and an experienced management team. Viridor outlines future growth strategy following investment from KKR.
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