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PET recycler Evolve Polymers put up for sale

Evolve polymers

Plastics recycler Evolve Polymers is looking for a buyer, the company has confirmed.

MRW exclusive

200 MRW exclusive

The firm, which originally launched as ECO Plastics in 2000, is one of Europe’s largest plastic bottle recyclers.

Its polyethylene terephthalate (PET) recycling facility in Hemswell, Lincolnshire, has the capacity to sort 150,000 tonnes of mixed bottles a year and represents around 35% of the total UK bottle collection in the UK.

It produces 50,000 tonnes a year of PET flake and food-grade pellet from post-consumer PET bottles.

The plant opened in 2012 as part of a 10-year partnership between the firm and Coca-Cola Enterprises (CCE) trading as Continuum Recycling.

In the first nine months of its opening, the plant more than doubled the amount of bottle-grade recycled plastic previously created in Britain.

The 10-year partnership was notable because of its size, and was the first of its kind between a major drinks manufacturer and a processor.

But in December 2014, the company was bought by investment firm Aurelius, meaning CCE terminated its involvement in Continuum Recycling. Founder and deputy chairman Jonathan Short left the firm the following April.

In February this year, the company rebranded to Evolve Polymers, saying its focus has switched in the previous 18 months from the recycling of mixed plastics to procurement of high-quality pre-sorted PET bales and production of high-grade PET pellets.

Now a company spokesperson has confirmed to MRW that it is looking for a buyer.

Aurelius declined to comment.

In a May trading statement, Aurelius chief executive Dirk Markus said: “We expect intensive acquisition activities in the current fiscal year 2016 as well as the sale of additional group subsidiaries.”

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