Veolia acquires Dutch recycled plastic manufacturer

Veolia acquires Dutch recycled plastic manufacturer

5:00 AM, 5th September 2015
Veolia acquires Dutch recycled plastic manufacturer
Antoine Frerot, chairman and CEO, Veolia. (File photo)

PARIS, FRANCE/NIEUWEGEIN, NETHERLANDS: Veolia Environnement said it has signed and closed the acquisition of Dutch company AKG Kunststof Groep, a European market leader in the field of recycling and compounding of polypropylene.

With this acquisition, Veolia boosts its development in the field of circular economy and confirms its goal to become a reference producer of recycled raw materials.

AKG Kunststof Groep is a specialist and custom manufacturer of a broad assortment of high-quality polypropylene (PP) granulates which are sold to manufacturers of plastic products, often substituting virgin plastics.

Customer applications of AKG products notably include horticultural, infrastructure, electronic appliances, automotive and packaging products. Operating out of Vroomshoop in the Netherlands, AKG currently employs 53 people and has posted revenues of EUR 34 million in 2014.

The acquisition of AKG Kunststof Groep from the private equity fund Wadinko NV will further augment the presence of Veolia in the Netherlands. Wadinko NV will retain a minority share in AKG and sit at the supervisory board.

AKG is to become one of Veolia’s centre of expertise, specializing in the field of PP recycling, compounding and manufacturing. The Vroomshoop facility will be the cornerstone for the expansion of Veolia’s European platform of recycled raw plastic materials manufacturing.

“This operation is the next natural step for Veolia in its strategic transformation and development. Our growth on new thriving markets and our ability to provide solutions for the recovery and production of raw recycled materials have demonstrated the group’s ability to turn the waste of some into resources for others. We encourage the implementation of a circular economy from waste collection to treatment and now to recycled materials manufacturing,” said Antoine Frerot, chairman and CEO, Veolia.

“The prospects for AKG in terms of market growth and profit are indeed favourable and together with Veolia we hope to accelerate this growth and as a result increase employment in the region” said Rene Wolfkamp, CEO, Wadinko.

© Worldofchemicals News

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