US-based Plastipak Packaging has bought Evolve Polymers – the former EcoPlastics, owned by investment firm Aurelius – for an undisclosed sum.
The move extends Plastipak's extensive plastic recycling operations by adding the capacity to handle an additional six million to nine million PET bottles annually each year at the newly acquired site, the company said, on top of the billions of bottles it claimed it currently recycled every year.
The facility “will begin operating immediately under Plastipak's ownership. Contracts with Evolve's existing key business partners have been secured for continued effect”, the company said.
Martin Hargreaves, managing director of Plastipak Europe, said: “We currently operate plastic recycling operations in the US through our Clean Tech subsidiary, and in France and Luxembourg for our European customers.
“This acquisition complements our existing recycling businesses, and amplifies our ability to bring our world-class technologies and know-how to better serve our UK and European-based customers.”
After Aurelius took over EcoPlastics the latter's name changed to Evolve Polymers, which was described by the investment firm as one of Europe's leading plastic bottle recyclers, capable of sorting 150,000 tonnes of mixed bottles per year.
That capacity represents about 35% of the total bottle collection in the UK each year, the investment firm said.
Aurelius also owns West Yorkshire-based Regain Polymers, which recycles and compounds post-use, rigid plastics.
Plastipak Packaging is a subsidiary of Plastipak Holdings, which designs and makes rigid plastic containers for the food, beverage and consumer products industries.
“We are excited to begin collaborating further with the management and associates formerly employed by Evolve to provide more eco-friendly plastic packaging to customers,” said Frank Pollock, president of Plastipak's international operations, in a statement.
“We have been a pioneer in the plastic recycling industry, and recycling is one of our core organisational capabilities.”