S Norton & Co has announced that it has bought the entire share capital of Axion Recycling from the five individual investors who have owned the company since 2006.
This means that Axion Recycling and the business units trading as Axion Polymers and Axion Consulting are now a wholly owned subsidiary of the S Norton group.
Axion recycling marketing director Keith Freegard has also resigned from his position and terminated his full-time employment with the company.
However, he has made an agreement with the new shareholders to continue working on major projects and areas where his experience and knowledge can provide benefits for the next 12 months.
Roger Morton will continue as director of Axion.
The rest of the management team at Axion Polymers will be unchanged and the Axion Consulting staff will continue with business as usual.
Customers, suppliers and Axion’s own staff will see no change in the way the business is carried out.
S Norton chairman John Norton said: “We are pleased to announce this change in ownership of Axion Recycling because it clarifies and consolidates the working arrangements between S Norton and the Axion sites.
“We will continue to support the company policy and strategy for sales growth of all products, while at the same time increasing added-value and profitability. We look forward to a successful future based on this strengthened relationship.”
Keith Freegard said: “I am immensely proud of the sustainable business that the Axion team has created over the past 16 years and to have grown a successful company in the resource recovery sector that delivers the circular economy, today, while most organisations are only just beginning to think about it.”
He added that the change in ownership will strengthen the long-term sustainability of the ‘grave-to-cradle’ business model that S Norton and Axion can provide for the UK industry.