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Cory signs giant contract for London’s Western Riverside

Cory Environmental announced today that it has signed a £700 million contract with London’s Western Riverside Waste Authority to manage over half a million tonnes a year of municipal waste. The award follows contract negotiations with the authority which have continued since Cory was chosen as preferred bidder.

Cory, which is owned by Exel Plc, says that the contract will provide it with a turnover of more than £1 billion over 30 years. This includes revenues from additional commercial waste activities and adding in income from the sale of recyclables, the contract gain secures turnover totalling more than 1 billion over 30 years for Cory.

The recycling-led contract will start in October 2002 and should run for 30 years, renewing the existing partnership which has run for more than 15 years. It will cover the four central London boroughs of Lambeth, Wandsworth, Kensington & Chelsea and Hammersmith & Fulham.

River transport
The deal also secures the short-term future of the company’s River Thames transport operation. And, Cory says the contract will also enable the delivery of “major improvements” to recycling in London and that the new contract will help Western Riverside to meet its recycling targets set under the waste strategy.

Cory’s solutions for managing the waste generated include building and operating an 84,000 tonnes per annum Materials Recovery Facility (MRF) in Wandsworth. This is expected to be the largest local authority MRF in the UK, and has the benefit of being able to use the river to transport recyclable materials for reprocessing.

David Riddle, Chief Executive of Cory Environmental Limited, believes that Cory’s use of new technology gave it a substantial edge in securing the contract. He said: “We are constantly looking at new, environmentally responsible methods of recycling or recovering the growing amount of waste produced every year.

“We are extremely pleased to have secured the contract with the Western Riverside Waste Authority, and look forward to continuing to develop innovative solutions to the management of the Authority’s waste.”

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