Swiss high-performance plastics supplier Gurit Holding AG has is in the process of purchasing PET recycler Valplastic Srl in Italy, it was announced 17 April.
The company’s recently-established subsidiary, Gurit Italy PET Recycling Srl, has agreed to buy Valplastic for an undisclosed purchase price, a company release said.
The transaction is expected to be completed by the end of May.
Based in Padova, Valplastic is specialised in the recycling of PET bottles and production of recycled PET-flakes and granules used for extrusion of recycled PET core.
As part of the asset purchase agreement, Gurit will acquire the Italian company’s production equipment, working capital and its current staff.
The transaction will allow Gurit to secure quality and cost-effective raw materials for the company to close the loop from recycled bottle to core kits for wind blades.
Post-acquisition, the name Valplastic will be dropped as Gurit plans to rebrand all operations under the its own name.
Gurit has been investing significantly in the production of core materials based on rPET content.
“In order to have sufficient feedstock of quality controlled and properly blended PET for the extrusion process, Gurit needs to have good access to this part of the value chain,” the company release added.
Gurit manufactures composite materials as well as composite tooling equipment, core material wind turbine blade kits, and select finished parts for various industries.
Gurit acquiring PET recycling operation in Italy
Transaction will allow Gurit to secure quality and cost-effective raw materials