Budapest – With the acquisition of ReMat Zrt., a recycler with production plants located in Tiszaújváros and Rakamaz, Hungary, and a logistics hub in Bratislava, Slovakia, MOL Group will further, in line with its circular economy ambitions, expand the share of recycled materials in its product portfolio and better meet the soaring customer demand for circular materials.
ReMat is a leading plastics recycler in Hungary with an annual processing capacity of 25,000 tons and a workforce of close to 200 employees. Equipped with modern and efficient sorting, washing and regranulation machinery, the company processes waste derived from post-consumer and industrial sources and produces a wide range of polyethylene and polypropylene regranulate, as well as customised products. Over the last two decades, the company has continued to invest in its facilities and expand its processing capacities, with a view to supporting Hungary’s obligations towards the European Union regarding plastic recycling, explained László Olasz, CEO of ReMat.
The deal fits within the Shape Tomorrow 2030+ strategy launched by the MOL Group last February. The strategy aims to put MOL on course to become a key player in the low carbon circular economy in Central and Eastern Europe. To that end, MOL will spend USD 1bn over the next 5 years on new circular economy and green projects. Waste integration and utilisation is a key element of the new sustainable approach.
"MOL has started to invest in the circular economy, because we all want to live in a better environment; and for that we need more recycled goods. In addition, there is an increasing need from our customers for recycled material so good cause meets here with good business opportunities. With that in mind, in the last couple of years we started to build a strong portfolio around recycling,” said Gabriel Szabó, Executive Vice President of MOL Group Downstream.
MOL’s first venture into the recycling space was in November 2019, when the company acquired Aurora Kunststoffe GmbH, a recycled plastic-based compounder in Germany. The company has also entered into a strategic partnership with German company APK, a pioneer in the development of plastic recycling technology, whose solvent-based Newcycling process enables the production of high-quality polymers from complex plastic waste.
Moreover, MOL has also entered into strategic partnership with the Swiss trading group Meraxis, whereby Meraxis will supply MOL Group with high-quality, post-consumer recycled materials for the development and production of polyolefin re-compounds in the future.
The company is also planning investments in the field of chemical recycling, and is taking serious steps towards further waste-management activities.
MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary, active in over 30 countries with an international workforce of 25,000 people. MOL is committed to transforming its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central and Eastern Europe.