Sat, 05 Nov 2016 | ADMINISTRATION
The assets of Lincolnshire-based plastics recycler Evolve Polymers have been snapped up by Plastipak Group in a pre-pack administration arrangement.
Evolve Polymers, one of the biggest plastics recyclers in Europe, was formerly ECO Plastics until it collapsed and was sold in a pre-pack administration deal in December 2014, led by German investment company Aurelius Epsilon International. Eco Plastics creditors received only 2p in the pound.
The directors of Plastipak, Michael Plotzke, Francis Pollock and William Young, are based in the US, but already have a UK operation based in Wrexham - plastics form APPE which they acquired in 2015. Plastipak Group is a leading global PET and HDPE producer that also operates in the virgin and recycled resin segments in the US and in Europe.
Evolve Polymers will now trade under the new name of Clean Tech Europe, a company registered on October 25th. Included in the assets sale is the multi-million pound Hemswell plant which has a PET recycling capacity of around 150,000 tonnes per annum.
Coca-Cola European Partners was an original investor in the plant through a joint venture with ECO Plastics and has continued to source its rPET from the facility for its bottle manufacturing even though it left the joint venture in 2014. It is understood that this supply arrangement will continue under the new ownership of Clean Tech Europe.
Further reading:
The benefits of pre-pack administrations
Latest UK businesses in administration
How to profit from buying distressed businesses
Real-time map of companies in administration
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