BELGRADE (Serbia), September 12 (SeeNews) - Austrian plastics producer Greiner said its packaging division has taken over Serbian polyethylene terephthalate (PET) flake producer ALWAG - a deal that gives Greiner its first recycling plant and its third company in Serbia.
"Taking this step makes recycling an integral part of our business model. At the same time, the acquisition consolidates our position as a pioneer of sustainability on the international market," Manfred Stanek, CEO of Greiner Packaging and COO-elect of Greiner AG, said in a press release last week.
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Greiner did not elaborate on the value of the deal and the name of the sellers, but its legal advisor in the transaction, law company Schoenherr, the sellers are Serbian company Aling-Conel and Austrian REIWAG Facility Services.
The Nova Gajdobra-based ALWAG will be renamed Greiner Recycling d.o.o. It will be Greiner Packaging's third location in Serbia and will operate as a separate unit directly under Greiner Packaging International. It will continue to focus on recycling PET - the most common thermoplastic polymer resin, and other materials, used in the form of flakes for the production of plastic packaging.
With the acquisition of 100% of ALWAG, Greiner is expanding its business model across the value chain and has now added the reprocessing of recyclable materials to its areas of operation, the legal advisor said. Some recycled materials, all of which previously had to be bought from external suppliers, will now be produced in-house. The Greiner group is also adding to its expertise in the recycling sector and will be able to gradually prolong the life cycles of its products.
To ensure that the plant can serve not only Greiner Packaging production but also customers all over Europe in the future, there are plans to expand capacity at the site significantly, Greiner said. The first step will involve investing in the infrastructure and obtaining ISO certifications. Over the coming years, output of recycled materials is to grow from the current level or around 4,000 metric tonnes per year to 7,000. This expansion in capacity will entail the recruitment of additional employees.
Greiner has two other manufacturing companies in Serbia - Greiner Packaging in Odzaci and Greiner I JP Packaging in Nova Pazova.