Abengoa enters industrial waste recycling business in South Korea with new acquisition

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Abengoa enters industrial waste recycling business in South Korea with new acquisition

Greentech Lead Europe: Abengoa, a provider of technology
solutions for sustainable development in the energy and environment sectors,
has signed an agreement through its industrial waste recycling division,
Befesa, to acquire 55 percent of the South Korean company Hankook R&M.

The transaction is valued at 60 million euro.

Hankook R&M specializes in recycling steel dusts and
is constructing a plant in the city of Gyeongju, in the southeastern part of
the country, which will come into operation in the first quarter of 2013.
Abengoa will be responsible for operating the plant.

This new investment represents an important milestone in
Abengoa’s global development and a strategic step forward in its ambitious
international expansion plan for its industrial waste division.

Abengoa will hold an option to purchase an additional 25
percent of the company after the first year and the remaining 20 percent
between the third and the fifth years once the agreement has been signed, which
will be carried out by Abengoa’s German industrial
waste
recycling
division.

The new plant will be capable of recycling 110,000
tons/year of steel dusts, which will bring Abengoa’s capacity to 750,000
tons/year by 2013. The plant uses advanced SDHL technology, developed and
patented by Abengoa that offers more sustainable technique for recycling steel
dusts. The technology achieves higher levels of zinc recovery and is more
energy efficient, minimizing waste and improving the recycling process
among South Korea’s steel manufacturers.

Furthermore, Abengoa’s arrival in South
Korea will give rise to numerous
environmental
benefits
for the country, servicing its powerful steel
manufacturing industry and efficiently treating this type of waste, as well as
reducing imports of Waelz Oxide, since the production of this material is
expected to be supplied to Korean foundries.

Abengoa recently began to develop two new steel dust
recycling projects in Turkey, where it will have three plants by 2014, in
addition to those that are already operational
in Germany, France, Sweden and Spain.

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