Hard on the heels of the news that Germany's Elephant Equity, a privately held investment company incorporated in 2006, had taken over 100% of the shares of MBA Polymers Inc, USA, came another, equally unexpected announcement, this time from the Müller-Guttenbrunn Group.
The Austria-based group said that effective July 1, it would assume full ownership of plastic recycling plant MBA Polymers Austria, the joint venture company founded at the end of 2004 between the American MBA Polymers Inc. and Müller-Guttenbrunn GmbH. MBA Polymers was at the time the majority and managing shareholder.
The recycling facility, located in Kematen an der /Ybbs was built in 2005 and started commercial operations at the beginning of 2006.
In a statement the family owned Müller-Guttenbrunn Group said that the change of ownership of their American partner had presented them with ‘the surprising opportunity to take over the remaining shares in Austrian MBA Polymers recycling plant'.
“We took this opportunity immediately. The location in Kematen has developed magnificently over the last few years and we are convinced that the company is perfectly fit to suit to our strategic orientation,” explained Christian Müller-Guttenbrunn, CEO of the Müller-Guttenbrunn Group.
This plastic recycling plant in Kematen is one of the most advanced plastic processing plants in the world. Recently, major investments were made in a fourth extrusion line and in a new warehouse, increasing the plant's production capacity to over 50,000 tonnes per year.
Why Elephant Equity decided to sell off the Austrian joint venture is unclear. However, according to Dr. Felix-Michael Weber, director of Elephant Equity, the aim is to further develop the recycling technology and to establish new plastic production facilities in ‘promising markets'."We will integrate MBA Polymers in our other waste management, recycling and engineering activities in Europe and Asia and will develop new projects and facilities, in particular eying on Western Europe and India where we seek to tie-up with strategic partners," he said. "Additionally, we are coordinating the sales of ABS, PC-ABS, PP and PE through our office in Hong Kong and Pune (India)." He added: "In the future we will cooperate with MBA Polymers Austria as a cooperation partner."
Elephant Equity has promoted ventures and developed companies focusing on interrelated technologies and innovations in areas of oil and gas, recycling and infrastructure, natural resources and energy and currently manages four investments with activities in Europe, USA, China and India as an active investor.