Romanian PET recycler GreenTech SA and GreenFiber International, a producer of polyester staple fibre likewise headquartered in Romania, have announced that they have formalised their already close partnership by officially merging their operations together.
According to the companies, the two businesses will be fully consolidated with a centralised management for more resource efficiency and lower costs. This will also enable the activities in the PET value chain to be further optimised.
GreenTech, a producer of PET flakes, R-PET granules, and PET strap, was established in 2002; GreenFiber two years later, in 2004. Since the very start, the companies have worked as an integrated team, with GreenTech as the main supplier of the raw material used by GreenFiber to produce fibres. The companies have also always shared the same management team.
The present merger by absorption, effective 1 Dec., saw the absorption of GreenTech into GreenFiber. As GreenTech was a long-established brand on the European recycling market, with an installed processing capacity of 150,000 tons of PET/year (the equivalent of 2 billion PET bottles), the merged entity will operate under the GreenTech name to preserve this brand legacy. The polyester staple fibre, however, will continue to be sold under the GreenFiber brand name as one of the PET product brands marketed by GreenTech.
According to Alina Genes, CEO at GreenTech, the merger is therefore a ‘natural’ step that offers an efficient solution for the recycling and circular economy of plastics.
“The new GreenTech is now strengthening its position on the European market as integrated PET recycler and circular economy enabler for plastics, with a unitary vision, consolidated portfolio of recycled products and perfect synergy between supply chain and production,” she said.
GreenTech, is part of GreenGroup. The company is currently active in Romania, Lithuania and Slovakia and is an important contributor to the circular economy of various industries served, such as automotive, hygiene, construction, insulation and textiles.