Houston-based Waste Management has reached an agreement to purchase 40 percent of Shangai Environment Group, (SEG) a provider of environmental services in China, from SC Holding. Terms of the transaction were not disclosed.
Waste Management and SC Holding “will manage and operate SEG to pursue waste-to-energy opportunities and offer other waste services throughout China,” according to a Waste Management press release.
“SC Holding and SEG are great partners for us as we venture into the growing Chinese market,” said David Steiner, CEO of Waste Management, in the press release. “We see waste as a resource, and we see international expansion of our waste-to-energy business through our subsidiary, Wheelabrator Technologies Inc., as a growth engine for us in the future. Wheelabrator’s operational excellence coupled with SEG’s market position and local expertise provides a strong competitive advantage. Through this joint venture, SEG can bring increased operating and technical efficiencies and solutions to the rapidly growing Chinese waste-to-energy market.”