Denmark-based plastic packaging supplier Færch Plast has reached a deal to acquire a controlling interest in Dutch recycling firm 4PET Group in an effort to close the loop on plastic food trays.
The acquisition allows Færch Plast to become an integrated plastic packaging supplier that achieves a circular economy for recycling food trays on an industrial scale.
It will enable the company to convert used plastic trays into raw materials for new products.
Færch Plast Group CEO Lars Gade Hansen said: “The acquisition of 4PET Group is an outstanding opportunity for us to close the loop and a leapfrog in terms of sustainability.
“With the modern infrastructure in place at 4PET to sort and process disposed plastic trays, we are able to transform used trays into raw material for new food contact products.
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“The recycling system offered by 4PET Group is an innovative, industrial-scale break-through in our transition towards a sustainable circular economy. It enables us to take responsibility for the post-consumer phase of our trays.”
With a workforce of around 200 employed across four sites, 4PET Group is a material specialist for PET sheets and food contact quality recycling.
Last year, the company’s turnover stood at more than €50m.
4PET Group’s management believes that the transaction will allow the company to accelerate its growth and serve existing, as well as new customers under the new ownership.
The company’s founders Jean-Loup van de Wiele and Hans Kuipers will retain a portion of the shares and continue to run the company.
The parties did not disclose the financial terms of the transaction.
Subject to customary closing conditions and regulatory approvals, the acquisition is expected to be completed in the third quarter of this year.