The Swire Group is understood to be close to launching a sales process for its Melbourne-based concrete recycling business the Alex Fraser Group.
The business, which provides sustainable materials for the civil construction industry, is estimated to be worth between $100 million and $200 million and News Corp reported that it understands a Melbourne-based independent advisory firm is working to help Swire with the divestment.
The company provides aggregates, asphalt, road base and sand at eight facilities in Melbourne, with a material collection division also operating within the organisation, comprising recycle bins, custom binds, excavator hire and a truck and tipper pick-up service.
NSW waste and recycling company Bingo Industries is one company speculated as a potential buyer by News Corp, as it recently floated on the stock market, with CEO Daniel Tartak collecting $420 from the move.
Bingo’s shares last traded at $1.62 after its initial public offering this year was priced at $1.80 a share.
Parent company John Swire & Sons operates internationally across various sectors, including property, aviation, food, mining and agriculture as well as the industrial division. Its main headquarters are in the City of Westminster, in London.
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