Exciting news for today – we are continuing Recycling & Waste business and operations in new ownership. Summa Equity has signed an agreement to acquire recycling & waste business from Fortum through its portfolio company NG Group. The sale of Recycling & Waste business is an expected and successful outcome of a comprehensive strategic review, which was initiated in autumn 2023 to explore whether the business might find better growth and value-creation opportunities under new ownership. “With great excitement, we’re welcoming a solid new owner, who is committed to growing and developing our business further. Material scarcity is one of the biggest societal challenges we need to solve, and our Waste-to-Materials strategy outlines a solid roadmap to this end. With the commitment of the new owner, we’re able to execute our ambitious roadmap”, says Timo Piispa, Senior Vice President, Fortum Recycling & Waste.
We have today signed an agreement to sell our Recycling & Waste business to Summa Equity. The divestment is in line with our Nordic strategy with focus on clean energy and provides us the opportunity to put enhanced focus on our core operations in clean power generation to drive electrification and build preparedness for future growth. With the new ownership, we see that the Recycling & Waste businesses have even better opportunities to grow: “We are very pleased to have found a very suitable new owner that is well positioned to further enhance and drive future growth opportunities for the recycling and waste business. Next to the clean energy transition, material scarcity is one of the biggest societal challenges we need to solve. Now is the right time for the new owner to take over”, says our President and CEO Markus Rauramo. https://lnkd.in/gvF4HweD