Agreement Joint Venture: K+S and REMEX combine waste management business and set up REKS joint venture

K+S Aktiengesellschaft and REMEX GmbH, a wholly-owned subsidiary of REMONDIS SE & Co. KG, have agreed today to bundle their waste management activities in a new joint venture, REKS GmbH & Co. KG, in which both companies are equal partners with 50 percent participation each.

With “REKS” a new, strong company is being established, combining the operations and unique infrastructure of highly advanced waste management facilities of K+S with an extensive and comprehensive sales network of REMEX.

The contribution of the K+S stakes to “REKS”, which is to be consolidated at equity, will enable K+S to realize a significant book gain, while at the same time generating a cash inflow of about 90 million euros before taxes with closing. This is part of the package of measures to reduce debt. Furthermore, the joint venture offer K+S the best possible access to the materials needed in the future to cover large tailings piles at the German potash sites.

The transaction will be submitted to the antitrust authorities for approval. The closing of the transaction is expected in summer 2021.

Further information on the agreement of the joint venture is available at https://www.kpluss.com.