12 December 2014
CCE statement - ECO Plastics
Further to below news release on the sale of ECO Plastics, Coca-Cola Enterprises released the following statement:
"We are pleased that ECO Plastics has found a buyer to support the next stage in the development of the UK's most important supplier of food-grade recycled PET.
"As part of the financial agreement, Coca-Cola Enterprises Ltd has agreed not to continue with the joint venture, Continuum Recycling. In return, CCE has entered into a long-term agreement to source recycled PET from Eco Plastics.
"This new arrangement will ensure that CCE continues to use a minimum of 25% rPET in our plastic bottles in Great Britain, allowing us to deliver on our commitments to set the standard for sustainable packaging."
AURELIUS acquires ECO Plastics
AURELIUS announced the acquisition of ECO Plastics , a reprocessor of recyclable materials. In line with its standard investment approach, AURELIUS will supply both its highly specialised operational improvement capabilities and financial support to the Company's current operations, with a core focus on the long-term strategic development of the business. The financial terms of the deal are not disclosed.
Hemswell-based ECO Plastics operates one of the world's largest and most sophisticated plastic reprocessing plants, capable of sorting 150,000 tonnes of mixed bottles per year and representing around 35% of the total UK bottle collection in the UK every year. Since 2000, ECO Plastics has played a leading role in the UK's plastics recycling sector with the development of new recycled plastic (Recycled Polyethylene Terephthalate - rPET) products, which have delivered value to local authorities and the waste management industry through feedstock contracting, and by working in partnership with major companies.
Tristan Nagler, Managing Director of AURELIUS in London said:
"AURELIUS is delighted to have acquired ECO Plastics which has a strong position in the UK marketplace. For customers, suppliers and partners it will be business as usual, and we are committed to working with the Company to deliver long term, sustainable growth. AURELIUS has a strong track record in the industrials sector, providing both operational improvement as well as financial support to businesses. We are extremely excited about the future prospects of this business."
ECO Plastics' Founder and Deputy Chairman Jonathan Short, commented:
"This news is not just a vote of confidence in the future of ECO Plastics, but a vote of confidence in the promising future of the UK's fast growing recycling sector. Working with AURELIUS will take the ECO Plastics story to the next level. This new owner will not only bring in new expertise and financial resources, but also a shared commitment to the development of a more sustainable, circular economy in the UK."
ECO Plastics' CEO, Chris Brown, added:
"We are looking forward to working closely with AURELIUS as we enter this new chapter of the ECO Plastics story. Their involvement will bring significant operational expertise and financial support that will move the world's largest and most sophisticated plastics reprocessing plant to another level, building on its position at the forefront of the UK's plastics recycling sector."
AURELIUS has a strong track record in the plastics sector. Previous investments in this space include AURELIUS' acquisition of Wellman International, Europe's largest recycler of PET bottles and a leading producer of polyester staple fibre products.
For further information
Zinka Bozovic, Instinctif Partners
Phone +44 (0)207 457 2821
zinka.bozovic@instinctif.com
Anke Banaschewski, Investor Relations & Corporate Communications
Phone +49 (89) 544799 - 0
investor@aureliusinvest.de
