Energy company Fortum the investment company sells its recycling and waste business Summa Equitylle with around 800 million euros. The company will announce this in a stock exchange release on Thursday.
On the current balance sheet, Fortum is recording a tax-free capital gain of around 110 million euros from the deal, but the final amount of the profit will be determined on the day the deal is completed.
The recycling and waste operations for sale include waste management services and processing and recycling services for plastics, metals, ash, slag and hazardous waste. The business operations are located in Finland, Sweden, Denmark and Norway. In total, the business operations have approximately 900 employees.
“We are very pleased that we have found a new owner for the Recycling & Waste business, who has good conditions to further promote the development and growth of the recycling and waste business”, CEO of Fortum Markus Rauramo says in the announcement.
According to Rauramo, the sale gives Fortum the opportunity to focus on the company’s core business, i.e. electricity production.
Fortum says that it expects the group’s annual maintenance investments after the sale to be 250 million euros from 2025 onwards (previously: 300 million euros). Due to smaller annual maintenance investments, Fortum’s investment expenses (excluding acquisitions) are expected to be a maximum of 1.6 billion euros in 2024-2026 (previously: a maximum of 1.7 billion euros).
Source: www.arvopaperi.fi
