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(Bloomberg) — Suez SA extended a waste-recycling contract in the UK’s Manchester area, in a deal worth more than £1 billion ($1.3 billion) as the French company seeks to grow its global business.
The utility and the Greater Manchester Combined Authority will continue their existing contract through 2034, eight years beyond the current expiration date, according to a statement on Monday. Under the agreement, the company will upgrade an existing energy-from-waste facility and households will be able to recycle more materials.
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The deal underscores Suez’s presence in the UK and its plans to expand elsewhere as it benefits from government policies to boost waste recycling and reduce the use of landfills to fight pollution. France accounts for about 60% of the company’s sales, which amounted to €8.9 billion ($9.6 billion) last year.
The new Greater Manchester contract “will support us to win market shares,” Suez Chief Executive Officer Sabrina Soussan said in an interview in Paris.
The company aims to grow its UK revenue of about €1 billion in 2023 by 50% by 2030, through organic growth and acquisitions, the CEO said.
“We’ll keep expanding abroad, notably in Southeast Asia, where there are opportunities in countries such as Indonesia, Vietnam and the Philippines but also in Australia, Middle East, Central Europe,” Soussan said. “The strategy is to focus on projects that create most value.”
She cited needs for infrastructure such as water-desalination facilities, the recycling of electric car batteries, and energy from waste plants in these regions.
Suez is owned by Meridiam SAS, Global Infrastructure Partners, and Caisse des Depots et Consignations.
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