| In December 2005,
STAR, together with management, acquired 74.9% of GSES, a waste
management company, from a consortium of investors. GSES owns and
operates one of Europe’s leading underground waste facilities
from a salt mine in Sondershausen, Germany.
Salt mines are ideal repositories for safe storage
of a variety of waste types due to the unique geology of salt rock
formations. This niche area of the waste market is growing in importance
as EU and member state regulations increasingly restrict access
to surface landfills.
GSES currently handles 230,000 tonnes of hazardous
waste and 300,000 tonnes of non-hazardous waste per annum. The company
also mines rock salt, sold primarily for highway de-icing.
STAR is backing the existing management team,
and supporting additional capital investment to increase capacity and the breadth of services offered.
Why does GSES fit STAR's investment strategy?
- GSES enjoys a strategic position in the waste market by virtue
of its mine ownership. GSES is one of only five businesses in
Europe operating salt mines that receive waste and it is unlikely
that any other salt mines are suitable for conversion to waste
facilities.
- GSES plays an essential role in reducing the environmental impact
from the disposal of such waste, and is therefore likely to benefit
from future regulation.
- STAR is backing the existing GSES management team who have a
successful track record of building the business from a start-up
in 1995.
http://www.gses.de
 
|
