Manufacturing firm Gurit’s newly formed division Gurit Italy PET Recycling S.r.l has signed an agreement to acquire PET recycling production facilities from Valplastic S.r.l in Italy for an undisclosed price.
The closing of the transaction is expected at the end of May 2019 and is subject to customary closing conditions being met.
The Recycling Event is happening on 2 July and is in partnership with nine trade associations. Don’t miss out, book your ticket now for just £85+vat: https://www.therecyclingevent.com/
Gurit has said that it will continue to invest significantly into recycled PET core material production assets globally for wind and non-wind industry customers, in order to cope with material demand.
To have sufficient feedstock of quality controlled and properly blended PET for the extraction process, Gurit needs to have good access to this part of the value chain.
Valplastic specialises in the recycling of PET bottles and the production of recycled PET-flakes and granules later used for extrusion of recycled PET core.
The transaction will allow Gurit to secure quality and cost-effective raw material supplies for its PET strategy, and to link the value chain elements starting from recycled bottles down to a finished quality core kit for the wind blade making original equipment manufacturer (OEM).
As part of the asset purchase agreement, Gurit will acquire production equipment, working capital and its current staff, who are based in Carmignano in Italy.
It will manage all operations under the Gurit brand name and will not acquire the Valplastic brand.
Gurit Group chief executive Rudolf Hadorn said: “With this transaction Gurit can connect the value chain from purchased recycled bottles out of the collection network down to a precision core kit for the global Wind OEMs. It allows Gurit to secure feedstock, quality of product through content control and strong cost competitiveness. We welcome the team in Carmignano to Gurit and look forward working all together to grow the recycled PET business as a sustainable product to serve the global Wind Energy Industry on its important mission.”