Indaver Ireland has increased turnover to €28m in 2005 (€26m 2004), though it suffered a drop in pre-tax profit to €1.2m (€2m 2004) effectively a 40% fall.
The company, which provides an integrated waste management service including handling hazardous wastes, is involved in contentious plans to develop 2 incinerators in the Republic.
An Bord Pleanála (the Planning Appeals Board) plans a second hearing into the €80m Duleek, Co Meath project shortly.
The €133m Ringaskiddy,Co Cork development is at an earlier stage in the planning process.
As long ago as October 2004, the Irish Environmental Protection Agency issued draft licences for the two facilities.
Indaver Ireland is a subsidiary of the Belgium company Indaver NV. The Belgium parent company established its Irish operations in 1999 by acquiring MinChem Environmental Services, a hazardous waste company established in 1977 to service the pharmachemical sector.
Today the company operates from offices in Dun Laoghaire and Cork and a hazardous waste facility in Dublin Port. The company currently employs over 100 people and expects to have an annual turnover of over €35 million in 2006.
Indaver Group
Indaver NV is a Flemish integrated waste management company offering a wide range of domestic and industrial waste services. The Indaver Group operates in eight European countries, employs over 800 people and has a turnover of €200 million.
The Belgium parent company has itself been considering candidates for the acquisition of a majority holding in its shares.
In December Indaver NV announced that the preferred candidate for the purchase of up to 75% of the company’s shareholding was Delta NV.
Delta NV is the fourth largest utility company in the Netherlands, has a turnover of over €1 billion and had an after tax profit of €126m in 2005. The company’s main activities are in energy production, waste management and water services and it employs over 1,400 people worldwide.
Delta placed a value on the Indaver Group of €495 million. However, existing shareholders in the Indaver Group have pre-emptive purchasing rights on the company’s shares. This means that they have 90 days to match Delta’s offer. The sale process cannot be completed until the intention of existing shareholders has been declared.