German waste management company under the ownership of China now.
Beijing: China has bought Germany’s largest waste management company for 1.4 billion euros ($1.5 billion), the media reported on Thursday.
The waste management company EEW has been acquired by Beijing Enterprises, an investment group controlled by the Beijing municipal government, Xinhua news agency reported.
This is the largest Chinese acquisition of a German company, Beijing Enterprises said on Wednesday.
“By using the latest German waste-to-energy technology and management expertise, we will help environmental protection in China and contribute to green development,” said Zhou Si, vice chairman of Beijing Enterprises.
EEW is Germany’s leading waste-to-energy firm. It operates 18 garbage incinerators in Germany and neighbouring countries. In 2015, it turned 4,4 million tonnes of waste to energy.