Greenstar to invest €80m in 2004

Waste management company Greenstar's new CEO Steve Cowman has said the company will invest €80m in its national waste infrastructure next year.

A total of €180 million has been earmarked for infrastructure development over the next four years with Greenstar expected to spend €90m developing state-of-the-art materials recovery and recycling facilities throughout Ireland.

With this in place, Cowman said today that he expects to double turnover at the waste management company by 2007.

Greenstar also confirmed today that it has received full planning permission and an Environmental Protection Agency waste licence to develop a residual landfill site in Knockharley, Co Meath.

Construction work will begin in early 2004 with the facility opening for business in early 2005.

Other applications for landfills in Cork, Wicklow, Kildare and Galway are at various stages in the planning process.

Each is expected to cost between €15m and €30m to bring on stream commercially.

Greenstar has also received full planning for two major materials recycling facilities (MRFs), in Ballycoolin and Greenogue, both in Co Dublin.

The waste firm's turnover in 2003 is expected to reach approximately €75m from a zero start-up base in 1999.

Half-year results for the company showed a turnover of €37m, generating profit before tax of €5.3m.

Established in 1999 as Celtic Waste - a subsidiary company of National Toll Roads - it changed its name in early 2003 to Greenstar, as part of a total repositioning of the company following the acquisition of a number of companies.