Viridor Ltd, a leading recycling and energy recovery company in the UK has recently announced that it has successfully become a majority shareholder in Norway-headed waste plastics recovery technology provider Quantafuel ASA.
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According to a statement, the majority shareholder acquisition follows a formal offer for acquisition for an approximate consideration of GBP 90 million (≈ EUR 102.3 million) in February of this year and reflects Viridor’s “ambition to lead innovation in the plastics recycling sector and deliver full circularity in all four major plastics by 2025.”
Following an Extraordinary General Meeting, a new Quantafuel Board has been formed and is now headed by Viridor’s CEO Kevin Bradshaw, and CFO Nick Maddock.
We are delighted that Viridor has become a majority stakeholder in Quantafuel. This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy. We see the opportunity for many exciting future developments and together will help build a world where nothing goes to waste, said Kevin Bradshaw, CEO of Viridor.
Terje Eiken has taken over as Quantafuel’s CEO and will lead the company’s integration with Viridor. Work will also continue towards a delisting of Quantafuel.
We have landed on a strong industrial and financial solution for Quantafuel. We are excited to be part of creating an even stronger polymer business in Viridor, which now includes chemical recycling. Together we will lead innovation within the plastics recycling sector, commented Terje Eiken, CEO of Qauntafuel.