Waste Management Inc. the biggest company in the U.S. that transports trash is in talks to build and operate waste-to-energy plants in China.
Waste Management is planning to work with a subsidiary of Shanghai Chengtou Holding Co., Chief executive David Steiner said, according to Bloomberg. This would be the first step towards an initiative to increase energy revenue to about 20 percent of the company's sales.
I think it's time for us to start looking to grow...It happens to be at a time when there are lots of distressed assets out there, Steiner said according to Bloomberg.
China estimates it will build more than 100 waste-to-energy plants in the next 5 years, the paper noted. The company generates energy by channeling landfill gas and incinerating the garbage.