M&As: GreenDot takes stake in Italian recycler; Hexion sells US Gulf Coast formalin business
Norway’s Agilyx, which recently took a 44% stake in GreenDot Global, Europe’s largest waste plastic recycling platform, says that GreenDot has acquired 80% of Forplast SpA, an Italian compounder of recycled high-density polyethylene (HDPE) and recycled polypropylene (rPP) products,
The all-cash transaction included an initial payment in 2023 and a final payment made at closing, fully funded by existing GreenDot cash reserves. Forplast is expected to make an EBITDA contribution in 2026 and reach annual revenues of over EUR50 million by 2030, says the firm.
The company adds the transaction strengthens GreenDot's mechanical recycling of household plastic packaging waste and in compounding quality recyclates back into high-value plastic end products, with a focus on bottle-to-bottle and pipe manufacturing.
The integration provides Forplast with access to additional plastic waste feedstock and gives GreenDot access to market-leading technical knowledge that will be leveraged to improve quality and margins at GreenDot's existing mechanical recycling facilities. The investment further contributes to the European plastic packaging circular economy objectives, to the industry decarbonisation challenges, and, in particular, to the 2030 recycled content targets for plastic packaging under the EU Packaging and Packaging Waste Regulation PPWR.
Laurent Auguste, GreenDot CEO, said: “Together, we will increase our offer to converters and brands of true,100% bottle-to-bottle grade circular economy solutions. The expertise developed by Forplast over the years is unique. GreenDot will enable Forplast to meet its full business potential and contribute to broadening its market reach.”
In other news, Hexion, a producer of adhesives and performance materials and an American Securities portfolio company, announced that it has sold its US Gulf Coast formalin business to Ancala, an independent infrastructure manager. The sale includes facilities in Baytown, Texas; Luling, Louisiana; and Geismar, Louisiana, along with associated multi-year customer contracts. These facilities are some of the largest suppliers of methanol-based raw materials in the US Gulf Coast. Financial terms of the transaction were not disclosed.
As part of the transaction, Ancala has created Valentra to operate the sites. The company has been created with associates from the former division that operated the sites at Hexion. This structure ensures continuity for customers, safeguards service quality, and provides the new business with proven technical expertise and operational strength. Hexion will continue supplying formalin to customers in markets outside the U.S. Gulf Coast, it adds.
This transaction marks a step in Hexion's transformation into a technology-driven, cellulose-based performance materials. These solutions are increasingly critical in the growing industries including building & construction, packaging, energy, transportation, and infrastructure.
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