After the announcement last week that it had initiated insolvency proceedings, Dutch recycling company Umincorp Polymers BV in Rotterdam was officially declared bankrupt on Jan. 26, 2024.
According to the company, its material was no longer able to compete - in terms of price - with the virgin materials on the market. Virgin plastic price levels are too low, undermining the sales of recyclates. As well, recyclers are facing additional problems, including rising wage costs and fluctuating energy costs.
Some 48 employees will lose their jobs as a result of the company’s bankruptcy.
According to Dutch business publication Quote, the holding company under which Umincorp Polymers BV falls is not affected by the bankruptcy. Umincorp’s intellectual properties, including the patents on the technology developed by the company are owned by the holding.
Mr R. Slotboom, of Schaap & Partners in Rotterdam, has been appointed as curator.