SEOUL -- SK ecoplant strengthened its environmental business by acquiring TES Envirocorp, a Singapore-based provider of synchronized electronic waste (E-waste) management solutions. The acquisition is aimed at securing its solid presence in the recycling of discarded electrical or electronic devices such as waste electric vehicle batteries.
Used electronics which are destined for refurbishment, reuse, resale, salvage recycling through material recovery, or disposal are considered E-waste. SK ecoplant said that a stock purchase agreement was signed in Singapore with Navis Capital Partners, a private equity firm based in Kuala Lumpur, to acquire 100 percent of TES Envirocorp for about $1.0 billion.
With the acquisition of TES, SK ecoplant said it would expand its business scope from waste management, which includes the collection, transport, treatment and disposal of waste, to recycling. "Based on the world's best competitiveness secured by TES, we will lead the explosive global electric and electronic waste recycling market," SK ecoplant CEO Park Kyung-il said in a statement on February 21.
TES operates 43 treatment facilities in 21 countries including the United States, Britain, Germany, China, and Singapore. SK ecoplant aims to extract raw materials from waste batteries or reuse them as new batteries or energy storage systems, along with an IT asset disposal (ITAD) service, which is the practice of how and where to dispose of IT hardware.
SK ecoplant has actively acquired environmental companies to solidify its status as an environmental and energy solution provider.
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