"CONTINUING their strategy of focusing on heavy building materials, Hanson plc have agreed the sale of their waste-management division to Waste Recycling Group (WRG) for £185 million in cash. The decision to sell the division was first announced by Hanson in May last year.
Hanson Waste Management operate as a trading division of Hanson Quarry Products Europe. Their principal activities are waste disposal and power generation from landfill gas.
For the year ended 31 December 1999, Hanson Waste Management recorded a pre-tax profit of £11.5 million. Net assets at 31 December were œ26.0 million.
Hanson's aggregates recycling business, which previously formed part of Hanson Waste Management, is being retained.
Hanson say the cash consideration arising from the sale will be used to reduce short-term debt."