TEG secures two-year Viridor contract

Shares in AIM-listed energy-from-waste specialist the TEG Group, based in Chorley, rose 1p to 9p after it announced a new contract with Viridor to process green and food waste.

The two-year contract between Viridor and the subsidiary TEG Environmental will begin this month. The revenue over the term of the contract will depend upon the volume of waste delivered by Viridor over the period.

Mick Fishwick, chief executive of TEG, said: "We are delighted to have entered into this contract with Viridor and to provide them with a continued service."

TEG takes food and other organic waste from local authorities, catering companies and water industries to treat through anaerobic digestion and produce biogas.

TEG is currently in takeover talks, led by advisors KPMG and Brewin Dolphin, with Bridges Ventures LLP and Kier Group. (LON:TEG)

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