Garb Oil & Power joins e-waste partnership in Italy
Garb Oil & Power Corporation signed a definitive agreement for a second joint venture (JV) partnership in Italy to build and operate an e-waste plant.
The plant will have 13,000 metric tons input and produce output in copper, aluminum, alloys and plastic. Once operational the plant will provide estimated revenues in excess of $10,000,000 and EBITA in excess of $4,500,000 per year of operation. All raw materials will be sold to local entities for further processing. The plant will be locally funded and initial funds are available to start the project.
Garb, through its European subsidiary, will buy 51 percent of the existing company and will proceed to fund 20 percent of the project with 80 percent being organized by the JV partner, which will own 49 percent of the JV company. The JV company will then build, own and operate a 13,000 metric ton e-waste plant.
The estimated cost of the project including land, building and plant is expected to be approx. $13 million and is scheduled to be completed by December 2013. Funding for the e-waste plant will come through the engagement of a local bank and will be guaranteed by an insurance bond. Garb estimates to break ground in this project by November 2012.