Automated recycling plant opens

FIFTY jobs have been created through the €10 million investment in Ireland’s first automated Waste Electrical and Electronic Equipment (WEEE) plant.

EU Commissioner for the Environment Stavros Dimas was in Dublin yesterday for the launch of TechRec facility at Park West, Dublin. Capacity at the plant is 30,000 tonnes of equipment.

It will employ up to 50 people and market its recycling service to waste companies nationwide.

The plant will be capable of recovering 98% of all throughput and will export up to 28,000 tonnes of recovered raw materials - including iron and steel, aluminium and plastics granules.

TechRec is a subsidiary of One51. One51 chief executive Philip Lynch, who is chairman of TechRec, said: “This initiative by TechRec has been welcomed by both producers and businesses in the electrical equipment and electronic sectors and by the waste management industry.”

One51’s strategy includes a focus on waste management, waste recycling and waste-to-energy sectors.

TechRec managing director Gerry Killen said the plant puts Ireland to the fore in Europe in terms of compliance with the WEEE directive.

Meanwhile it is understood that co-op shareholders in One51 have subscribed heavily for the €50m convertible loan notes offered at €3.37 each.

On Wednesday Glanbia, which was a stakeholder in the business, said it had not taken up the offer.

Valued at €200m, the shares were offered at a 25% discount to the worth of the group. That figure was arrived at in two separate valuations carried out by Davy Stockbrokers and NCB Stockbrokers.

The share offer valued the group at just €150m, giving punters a 25% automatic discount to the independent valuations, while at the end of this year the group will have current assets of over €170m on its books which will increase as further acquisitions are delivered by the group.

One51 is planning a stock market flotation which is anticipated to happen sometime later this year.