Germany's Elephant Equity GmbH has purchased recycler MBA Polymers Inc. while the Austrian partner of a European joint venture has taken full possession of MBA Polymers Austria.
Munich-based Elephent Equity said it "aims to further develop the recycling technology and to establish new plastic production facilities in promising markets" in a June 22 news release.
MBA Polymers was incorporated in 2003 in Berkley, Calif., and has operations in China, Austria and the United Kingdom, focused on recycling high value thermoplastics.
Elephant Equity's Felix-Michael Weber has taken over as CEO of MBA.
MBA marks the private investment group's first move into plastic recycling, although the organization is an investor in Orgatreatments Pvt. Ltd., a recycler of citrus waste, and Green Elephant, a biogas company.
In its release, Elephant Equity said Weber said Elephant Equity want to "further develop the recycling technology and to establish new plastic production facilities in promising markets.
"We will integrate MBA Polymers in our other waste management, recycling and engineering activities in Europe and Asia and will develop new projects and facilities, in particular eying on Western Europe and India where we seek to tie-up with strategic partners," he said. "Additionally, we are coordinating the sales of ABS, PC-ABS, PP and PE through our office in Hong Kong and Pune [India]."
He added: "In the future we will cooperate with MBA Polymers Austria as a cooperation partner."
MBA Polymers Austria has been sold to Müller-Guttenbrunn Group, which was already a majority partner in the Austrian joint venture.
The Austria-based group said that effective July 1, it would assume full ownership of plastic recycling plant MBA Polymers Austria, the joint venture company founded at the end of 2004 between MBA Polymers Inc. and Müller-Guttenbrunn GmbH. MBA Polymers was at the time the majority and managing shareholder.
The recycling facility, located in Kematen an der Ybbs, was built in 2005 and started commercial operations at the beginning of 2006.
In a statement the family owned Müller-Guttenbrunn Group said that the change of ownership of their American partner had presented them with "the surprising opportunity to take over the remaining shares in Austrian MBA Polymers recycling plant."
"We took this opportunity immediately. The location in Kematen has developed magnificently over the last few years and we are convinced that the company is perfectly fit to suit to our strategic orientation," said CEO Christian Müller-Guttenbrunn.
The Austrian plant has invested in a fourth extrusion line and in a new warehouse, increasing the plant's production capacity to over 50,000 tonnes per year.
