Austria-based chemical giant Borealis AG has announced that it has signed an agreement to acquire German plastics recycler MTM Plastics and MTM Compact.
Terms of the deal were not disclosed. A Borealis spokesperson, Virginia Mesicek, Plastics News Europe that details of the transaction could not be revealed currently, due to it being subject to regulatory approval.
Alfred Stern, Borealis' executive vice president for polyolefins, innovation and technology, said in a news release: “Plastics are simply too valuable to be disposed of in landfills. Plastic recycling provides a circular business opportunity in a growing market within a broader sustainability agenda.
“There are many areas in which mechanical recycling of post-consumer waste make business and ecological sense.
“The acquisition of MTM Plastics and MTM Compact reflects our pro-active and dedicated ‘keep discovering' approach to provide specific and innovative solutions in tackling core global challenges.”
MTM Plastics has its headquarters in Niedergebra, a town to the south of Hanover in Germany.
The company said it can turn out up to 30,000 metric tons of regranulate a year and its branded products, Dipolen and Purpolen, are currently sold to customers in Italy, Benelux, France, Poland, U.S., China, Turkey and Germany.