A compounding business in the Netherlands has been put up for sale after plastics recycling group Inverko NV fell into financial difficulties.
Inverko NV was a 50% shareholder in Inverko Compounding, which is now being sold by financial advisory firm Sequoia. Inverko NV's financial problems caused problems for the trading relationships with some of Inverko Compounding's major suppliers of raw materials, said Sequoia, which in turn created acute liquidity problems at Inverko Compounding.
Sequoia is now looking for a potential buyer of Inverko Compounding, which is based in Emmen, the Netherlands. The business recycles household and industrial plastic waste, using the raw material to produce compounds.
“Since 2013 Inverko Compounding produced in excess of 7,500 tonnes of compounds and washed more than 4,500 metric tonnes of plastic household waste each year,” said Sequoia.
Inverko NV is listed on the Amsterdam Stock Exchange and entered administration earlier this year. News reports in the Netherlands have said the group will hold an extraordinary shareholders meeting on 10 October, which will focus on its restructuring plans.
Before its bankruptcy, Inverko NV ran two other plastics recycling businesses. Inverko Polymers ceased trading and was liquidated, while Synaplast has been sold to one of its directors, according to news reports.
Sequoia can be contacted via its website www.sequoia.eu