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Topics Sustainability, Materials, Mergers & Acquisitions, Recycling, Materials Suppliers, Europe
A Catalan waste management company is reported to be willing to rescue the production plant of PET recycler Artenius Green at Balaguer, Spain as part of the liquidation process of insolvent PET group La Seda de Barcelona.
Recuperacions Marcel Navarro i Fills, located in Llagostera near Girona, Spain, has agreed to acquire the operation through the enterprise Marketing Mix 2011, but the buyer will not be liable for outstanding Artenius Green tax, labor and other debts, according to LSB.
The PET bottle recycling facility, capable of processing 18,800 metric tons per year, was due to close down with the loss of up to 37 jobs as subsidiary businesses of Barcelona-based LSB are sold off to pay the group's debts.
But now the buyer has agreed to resume and boost production at the plant, retaining a workforce of 23, according to Catalan media reports. Earlier reports estimated the likely value of the Artenius Green assets at around 150,000 euros ($203,700).
Recycled PET from Artenius Green, which has not been running at capacity output, is used in different sectors for strapping or polyester fibers used in furniture, cars, clothing and textiles. Other applications include laminated films for thermoforming packaging.