Thu, 28 Dec 2023 | BUSINESS SALE
Recresco, an international glass recycling firm with UK plants in Ellesmere Port and Cwmbran, has been acquired by Portugal-headquartered BA Glass. The deal forms part of BA Glass’ aim of reinforcing its commitment to mitigating climate change by reducing its CO2 footprint and further developing the circular economy.
BA Glass has annual turnover of around €1.6 billion, 14 glass plants worldwide and approximately 5,000 employees. As well as contributing to BA Glass’ green ambitions, the acquisition also opens the possibility of developing the group’s existing recycling operations.
BA Glass Chief Executive Sandra Santos commented: "The acquisition of Recresco is an extremely valuable opportunity to access high-quality recycled glass, representing a significant step towards our goal of reducing 50 per cent of CO2 emissions by 2035.”
"Incorporating a higher percentage of recycled glass in our products will allow us to be nearer to close the glass loop and make the glass the most sustainable packaging material in the world."
Recresco General Manager Tim Gent added that partnering with BA Glass provided the firm with a “unique opportunity […] to participate actively in future recycling projects in other geographies, where BA Glass has its operations”, while leveraging Recresco’s knowledge and experience in glass recycling.
Isca Ventures LLP, with legal support from Bird&Bird, advised BA Glass. Isca Ventures partner David Bird commented: "We have worked collaboratively with the Recresco shareholders for many years. It has been fantastic to see the management team grow Recresco into a highly profitable business and develop into one of the UK's leading glass recycling operations.”
David Bird added that Isca Ventures considered BA Glass "the right partner to enable Recresco to build on the success in the UK and participate actively in recycling projects in other geographies."
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