Renewi shares rise on new Dutch facility opening

2nd Apr 2024 07:54

(Sharecast News) - Shares in Renewi rose strongly on Tuesday after the FTSE 250-listed recycling firm announced the opening of a new hard plastics sorting facility in The Netherlands which it said will help deliver on its sustainable organic growth objectives.

The facility, first announced last October, is located in Acht and will enable Renewi to separate collected plastics and recycle more contaminated material from construction and demolition waste.

"With the opening of its new facility, Renewi advances its recycling efforts, solidifying its position as a leader in the sector and reducing reliance on traditional waste disposal methods," Renewi said in a statement.

"The Acht facility showcases Renewi's innovative approach towards future recycling processes and will help increase the ccompany's recycling rate further. Renewi aims to expand partnerships with industry leaders and stakeholders, reaffirming its commitment to sustainability and helping leading the charge towards a waste-free future."

The new facility is part of €100m three-year investment programme announced back in 2022, which is expected to lead to a €20m annual improvement in earnings before interest and tax.

The stock was up 3.8% at 596p by 0830 BST.