Following in the steps of the various other chemical and raw materials producers buying or investing in recycling operations, Tokyo-based Mitsubishi Chemical Corp. has announced that it is acquiring two Swiss engineering plastics recyclers, Minger Kunststofftechnik AG and Minger Plastic AG.
The acquisition is being made through MCC's subsidiary Mitsubishi Chemical Advanced Materials, headquartered in Switzerland. It is not a stock acquisition, MCC emphasised. The two companies' manufacturing facilities and other assets will be transferred to MCC along with trade rights and all other rights and obligations.
The deal, said MCC, was prompted by the company's effort to promote the circular economy, in line with its sustainability strategy, "Kaiteki" Vision 30, which sets out where the company will be in 2030. A key element is the circular economy, and plastics recycling plays an important part in that.
Kaiteki is a concept coined by MCC's parent company, the Mitsubishi Chemical Holdings Group, and refers to "the sustainable well-being of people, society and our planet Earth." It points to a way forward in the sustainable development of society and the planet in addition to serving as a guide for solving environmental and social issues, says MCHC.
With the purchase of the two recyclers, together forming the Minger Group, MCC is acquiring a Swiss family enterprise with more than 30 years of experience in the recycling and compounding of engineering and high-performance plastics, including PEEK, polyvinylidene fluoride and nylon.
The addition will allow MCC to establish an integrated business model for engineering plastics, from manufacturing to sales, machining, collection and reuse. Minger has also built a materials collection network spanning a large part of Europe, a broad customer base and an established business model for recycling engineering plastics in the region.
The acquisition is expected to be completed by the end of February 2020.