SK Ecoplant Acquires 'Tes'... Full-Scale Entry into Waste Recycling Business

Tes Headquarters.

Acquisition of 100% Stake in TES. SPA Signing Ceremony Worth Approximately KRW 1.2 Trillion

Business Expansion from Waste Management such as Incineration and Landfill to Recycling Market Pursuing Zero Waste

[Asia Economy Reporter Kim Min-young] SK Ecoplant is making a full-scale entry into the global IT device and electric vehicle battery recycling and reuse business by acquiring TES, a global E-waste specialist company. E-waste refers to discarded electrical and electronic products and encompasses end-of-life smartphones, laptops, servers, storage devices, waste IT equipment, waste batteries, waste home appliances, and waste solar components.

On the 21st, Park Kyung-il, CEO of SK Ecoplant, held a stock purchase agreement (SPA) signing ceremony at the Fullerton Hotel in Singapore with Rodney Muse, Managing Partner of Navis Capital Partners, the largest shareholder of TES, to acquire 100% of TES shares (252,076 shares).

This acquisition of TES is significant as SK Ecoplant’s business scope has expanded from traditional waste businesses such as incineration and landfill to the recycling of waste.

TES is a leading company in the E-waste sector headquartered in Singapore. It currently operates 43 processing facilities across 21 countries, including advanced countries in North America and Europe, with five key core markets: the United States, the United Kingdom, Germany, China, and Singapore. Last year, TES recorded sales of approximately 465 million Singapore dollars (about KRW 414 billion).

TES’s main business areas are classified into ▲ electrical and electronic waste recycling ▲ ITAD (IT Asset Disposition Services) ▲ waste battery recycling. In the high-entry-barrier E-waste processing market, TES performs all processes worldwide across Europe, North America, and Asia, including collection and transportation, data destruction, recycling, and reuse in these three business areas.

Previously, SK Ecoplant made a full-scale entry into the environmental business by acquiring Korea’s comprehensive environmental platform company, Environmental Facility Management (formerly EMC Holdings), for about KRW 1 trillion in 2020. Last year alone, SK Ecoplant further solidified its position as Korea’s No. 1 in water treatment, No. 1 in business site waste incineration, No. 2 in medical waste incineration, and No. 3 in waste landfill by acquiring six additional environmental companies.

Park Kyung-il, CEO of SK Ecoplant, said, "Through the expansion of the recycling business, we have taken a step closer to realizing The Zero City, a circular economy model where zero waste and zero carbon become a reality. Based on TES’s world-class competitiveness, we will lead the explosively growing global E-waste market."

This content was produced with the assistance of AI translation services.