MOSCOW (MRC) -- Plastipak Packaging Inc., headquartered in Plymouth, Michigan, with European headquarters in Wrexham, U.K., says it has completed the acquisition of the business assets of Hemswell Cliff, U.K.-based Evolve Polymers Ltd., one of Europe’s leading plastics recyclers, said Recyclingtoday.
Plastipak is a leading global manufacturer of rigid plastic packaging and virgin and recycled plastic resin.
Plastipak’s global recycling operations currently recycle billions of bottles per year. The Evolve site being acquired from Aurelius Equity Opportunities has the capacity to process an additional 6 billion to 9 billion PET (polyethylene terephthalate) bottles into food-grade-contact flake and pellets and polypropylene and polyethylene flake. The business will begin operating immediately under Plastipak’s ownership. Contracts with Evolve’s existing key business partners have been secured for continued effect, the company says.
Evolve was established from the assets of bottle sorting and recycling firm Eco Plastics, which went into prepack administration in December 2014, with debts totalling more than GBP14 million (nearly USD17.5 million). A new company named ECOPlastics Recycling was established at that point and bought out by Aurelius, based in Germany.
As MRC informed earlier, in 2014, APPE, part of bankrupt Spanish PET group La Seda de Barcelona, has been acquired by U.S.-based Plastipak Packaging Inc. for 360 million euros (USD447.7 million).
Plastipak Packaging is a subsidiary of Plastipak Holdings, which designs and makes rigid plastic containers for the food, beverage and consumer products industries.
MRC