OMV unit Borealis to buy Bulgaria's Integra Plastics

The transaction, which is pending customary regulatory clearances, will bolster Borealis' advanced mechanical recycling portfolio, OMV said in a press release.

The deal will boost Borealis' recycling capacity by over 20,000 tonnes and is in line with its strategy to speed up the transition to a circular economy by 2030, enabling customers to meet sustainability targets, the buyer noted.

Based in Elin Pelin's industrial area near Sofia, Integra Plastics opened a state-of-the-art advanced mechanical recycling plant in 2019, which allows post-consumer waste to be processed into high quality polyolefin recyclates suitable. The company specialises in the production of low-density polyethylene, high-density polyethylene and polypropylene granules.

The investment in Integra Plastics' recycling plant amounted to 40 million euro ($43.9 million), local media reported at the time.

The company's majority owner is Betainvest, a vehicle of Bulgarian entrepreneur Angel Georgiev, according to the most recent annual report available on the commercial register's website. In 2021, the company generated a net loss of 2.5 million levs ($1.4 million/1.3 million euro) compared with a net loss of 9.85 million levs a year earlier, the report shows.

OMV owns a stake of 75% in Borealis, with Abu Dhabi National Oil Company holding the rest. Borealis, which booked a net profit of 2.1 billion euro in 2022, employs more than 6,000 people and has operations in some 120 countries.

($ = 0.8818 euro)