StockMarketWire.com - Recycling company Renewi said it had agreed to sell its Reym industrial cleaning business to Remondis for €64m (£57m), including debt.

The company had put Reym up for sale late last year to focus on its recycling business.

The enterprise value of €64m included a number of debt-like items that would be assumed by Remondis upon completion.

Renewi would receive a cash consideration of around €50m (£45m), which it was planning to use to cut debt.

In the company financial statements for the year through, Reym was reported as an asset held for sale, with gross assets of €94.9m.

The transaction was expected to result in a loss on sale during the financial through March 2020 of around €28m, of which €23m related to historic goodwill.

Completion, which was subject to competition clearance, was expected to take place before the end of October 2019.

'We are pleased to announce the successful sale of Reym,' chief executive Otto de Bont said.

'Together with the previously announced sale of Renewi's Canadian business, the sale of Reym will simplify the group, strengthen its balance sheet and sharpen the focus on core Benelux recycling operations.' Story provided by StockMarketWire.com