Covanta's European business to be carved out from US parent

The US-based waste management company Covanta plans to carve out its European operations to create a new “stand-alone waste to energy platform in Europe”. The separation is a “key step to unlock significant growth potential and enable further value creation across both [European and US] platforms”, according to a statement issued on 22 April by Covanta and its owner, the Swedish investment firm EQT Infrastructure, which took the company private late last year. EQT said that operating independently, the Covanta businesses in Europe and the US would benefit from increased flexibility to pursue opportunities unique to their respective geographies and strategic priorities.

The European spin off will continue to be led by Owen Michaelson, who has served until now as president of Covanta Europe. In Europe, Covanta operates plants in Ireland and Italy as well as in the United Kingdom where it also has new energy from waste facilities in development....

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