Plastics recycler Evolve Polymers has been bought by a US company.
The recycling firm, which originally launched as ECO Plastics in 2000, told MRW in September it was looking for a buyer and it has now agreed a deal.
Parent company and investment firm Aurelius announced on 3 November it had sold Evolve Polymers, one of Europe’s largest plastic bottle recyclers, to US firm Plastipak Packaging,
The two parties have agreed not to reveal the financial details of the transaction.
Evolve will begin operating immediately under Plastipak’s ownership and all its existing contracts will continue.
Plastipak operates in the plastics recycling sector in the US, France and Luxembourg through its Clean Tech subsidiary.
Plastipak Europe managing director Martin Hargreaves said the acquisition of Evolve would complement its existing operations.
He said: “Evolve’s prior owners invested significant resources to build the Hemswell Cliff site starting in 2006, and the business’s performance benefited from continuous improvements.
“This acquisition complements our existing recycling businesses, and amplifies our ability to bring our world-class technologies and know-how to better serve our UK and European-based customers.”
Plastipak’s UK headquarters are in Wrexham. It also manufactures packaging products out of PET and HDPE in Europe, the US, South America and Asia.
Plastipak’s chief commercial officer Frank Pollock said: “We are excited to begin collaborating further with the management and associates formerly employed by Evolve to provide more eco-friendly plastic packaging to consumers.
“We have been a pioneer in the plastic recycling industry, and recycling is one of our core organisational capabilities.
“PET is already among the most recycled materials in the global regions in which we operate, and increasing the use of recycled PET in Plastipak’s products makes plastic an even better choice for consumers, the community and the environment.”
Aurelius said it will now concentrate all its activities in the field of plastic recycling at its Regain Polymers subsidiary based in Allerton Bywater.
Regain specialises in the development and production of innovative structural components made from recycled plastic waste.
Aurelius expects Regain to profit from increased demand for resilient materials that can be used to replace timber in railway construction, road construction and shipbuilding and a higher volume of recyclable plastics.