Exclusive Alba Changes Strategy, Will Split Business, Now Seeks Two Investors
Alba, one of the world’s leading recycling companies, based in Berlin, has altered its strategy and now seeks two investors. Alba wants to find an Asian partner for its China business and a domestic partner for its European services, co-CEO Axel Schweitzer told Handelsblatt. Alba is to be split into two parts. Ten months ago, the family-owned company announced it was seeking financial backing from a partner. In China, one Asian investor has already signed a memorandum of understanding, Mr. Schweitzer told Handelsblatt, though Alba will keep the selling process open until summer. Alba has moved away from its original intention to retain a majority in the company. “In China, we might give up more than 50 percent,” Mr. Schweitzer said. It remains unclear whether the owners will retain a majority share in Alba’s European services division and the company will start looking for a buyer in the coming months. In the future, Alba will only retain complete ownership of its traditional waste disposal business. Read the full story in Monday’s Handelsblatt Global Edition at 12:00 Central European Time.
01/31/2016 - 06:21 PM