M&As: Toray concludes purchase of TenCate; Borealis acquires recycling firm Ecoplast

Japanese chemicals maker Toray Industries has reached an agreement with Koninklijke Ten Cate (KTC) to purchase the entire share of its subsidiary TenCate Advanced Composites Holding, as announced in March this year.

TenCate is a Dutch carbon fibre composites material manufacturer. Following the completion of the discussions with the Works Council, as stipulated by Dutch laws, Toray says that it has concluded the share purchase agreement with KTC. The completion of the acquisition is based on the premise of receiving approval from the relevant regulatory authorities and Toray plans to announce it once all procedures are completed without any delay.

In other news, Austrian chemical maker Borealis has signed an agreement for the acquisition of 100% of the shares in Ecoplast Kunststoffrecycling, an Austrian plastics recycler. This transaction is subject to regulatory approvals.

Based in Wildon, Austria, Ecoplast processes around 35,000 tonnes of post-consumer plastic waste from households and industrial consumers every year, turning them into high-quality LDPE and HDPE recyclates, primarily but not exclusively for the plastic film market.

Two years ago, Borealis acquired mtm plastics, a Germany-based post-consumer waste recycling technology firm, and this year, announced an investment of EUR15 million in mtm, to ramp up its processing capacity. The investment increases mtm’s processing capacity of post-consumer waste plastics from 60,000 tonnes/year to 80,000 tonnes/year. Borealis said it also plans to invest EUR2.5 million in mtm compact, a sister company of mtm plastics it also acquired in July 2016, in additional capacity expansion.

“It is a logical next step for us to expand our mechanical recycling capabilities, which are key to our sustainability and circular economy efforts. Borealis wants to be a provider for circular economy plastic solutions and we see Ecoplast as an important complement to mtm in Germany. mtm’s focus is on rigid, injection moulding solutions. Ecoplast’s core competence is recycling flexibles from highly contaminated household and commercial waste into a product that is suitable for thin film production,” says Borealis Chief Executive Alfred Stern.

(PRA)

---

Subscribe to Get the Latest Updates from PRA  Please click here