Houston, United States & Shanghai, China [RenewableEnergyWorld.com] Waste Management (WM) and Shanghai Chengtou Holding announced the signing of an agreement for WM to purchase 40 percent of Shanghai Environment Group (SEG), a leading provider of environmental services in China, from SC Holding.
Earlier this year SC Holding announced its intent to seek a foreign joint venture partner in SEG. After a formal selection process, WM was awarded the bid and together both companies will manage and operate SEG to pursue waste-to-energy opportunities and offer other waste services throughout China.
“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,” said David Steiner, CEO of Waste Management. “Through this joint venture, SEG can bring increased operating and technical efficiencies and solutions to the rapidly growing Chinese waste-to-energy market.”