French oil giant TotalEnergies has bought Spanish mechanical plastics recycling business Iber Resinas.
The aim of the transaction is to increase TotalEnergies production of circular polymers in Europe to extend its range of recycled products and enhance its feedstock through Iber Resinas’ network of suppliers.
Iber Resinas recycles PP, PE and PS plastics derived from household and industrial waste at its two plants near Valencia.
It also has a large network of direct customers to whom it sells its products for the manufacture of automotive parts, packaging or building materials.
TotalEnergies senior vice president Polymers, Refining and Chemicals Nathalie Brunelle said: “This acquisition is a further step towards achieving our ambition of increasing the share of circular polymers in our plastics production to 30% by 2030.
“We are pleased to welcome Iber Resinas’ teams and combine its recycling know-how with TotalEnergies’ polymers expertise.”