NEW YORK E-Waste Systems Inc., a London-based electronics recycling company, has acquired Irvine, Calif.-based Surf Investments Ltd., which specializes in selling, servicing and recycling products from computer manufacturers.
Martin Nielson, founder and chief executive officer of E-Waste Systems, called the acquisition "a milestone" and said that it was expected to produce $1 million in annual revenue.
The acquisition followed a June 20 announcement that E-Waste Systems had begun an expansion initiative in India.
The companys new business unit in India, EWS (Bharat) Ltd., will capitalize on the approximately $1.5 billion worth of e-waste currently being generated in India, the company said. The information technology sector is the single-largest contributor to e-waste in India, with 30 percent of computer-related equipment reaching obsolescence annually, it said.
As part of the expansion, E-Waste will enter into a strategic branding alliance with iTechRecycle LLC, an India-based e-waste firm, the company said.
India is facing serious issues related to the disposal of e-waste, Nielson said. "While others are talking, we are seizing the opportunity," he said. "This is seriously needed, and needed now. With this step, we expect to be the first e-waste public pure-play company in China, the United Kingdom, the United States and now in India."