Tarmac sells waste firm
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• Struggling building firm Tarmac hopes to raise £100m from the sale of its environmental subsidiary, Tarmac Econowaste, as part of a bid to reduce its £600m debt burden to no more than £400m.
In recent weeks Tarmac has cut its debt by more than £100m with the sale of UK oil refineries for £70m and road building operation Tarmac California for £23m.
Tarmac Econowaste runs landfill sites from Scotland to the South Coast — the company will not say how many vehicles and sites are on offer but claims interest from potential bidders has run into "double figures". One of the UK firms that have been showing interest is Waste Management. Another potential bidder, Leigh Environmental, will not "confirm or deny" whether it will make an offer.
A number of Continental bids are expected.