Veolia to Sell US Sulfur Unit to PE Firm AIP for $620 Million

Veolia Environnement SA agreed to sell its US sulfur business to private equity firm American Industrial Partners LP for $620 million, allowing the French utility to focus on areas with stronger growth prospects.

As governments bolster efforts to curb pollution, the French environmental firm seeks to boost investments in critical-minerals recycling, hazardous-waste treatment, water reuse and desalination technologies. It has earmarked €4 billion ($4.3 billion) through 2027 for acquisitions.

“This disposal is in line with our policy of continuously reshaping our portfolio of assets in line with the strategic priorities,” Veolia Chief Executive Officer Estelle Brachlianoff said in a statement ...