Automotive parts supplier Plastic Omnium SA has sold its waste management subsidiary Plastic Omnium Environment BV to a consortium of private equity firms, including Latour Capital and Bpifrance (Banque Publique d'Investissement), for 220 million euros ($250 million).
The move is aligned with the French company's strategy to focus exclusively on its automotive operation.
In an Dec. 18 statement, Plastic Omnium said its environment business was “the European leader in the containerization of waste” and that it was “profitable and cash-generating.”
The environment business primarily molds large waste and recycling carts used by municipalities, with six plants in France, Germany and Spain and a new research and development center in St. Priest, France.
It has annual sales of 330 million euros ($385.9 million) and 1,800 employees in 12 countries. Plastic Omnium sold its North American environment operations in 2000.
Plastic Omnium's auto business makes exterior plastic parts such as bumpers, tailgates, spoilers and fenders, while its fuel systems business blow molds fuel tanks and is increasing its investments in parts for hybrid, electric and fuel cell vehicles.
It was the No. 4 blow molder in North America in the most recent Plastics News ranking, with more than $1 billion in estimated sales. In injection molding, it was ranked at No. 15 with $475 million in estimated North American sales.
In June, it completed its buyout of a former partner in HBPO GmbH, taking a majority stake in that business, which molds and assembles front-end modules, an area it said offers more opportunities.