Borealis invests €15m in German recycling firm mtm plastics

05 June 2018 10:43 Source:ICIS News

LONDON (ICIS)--Borealis has invested €15m in mtm plastics, a Germany-based post-consumer waste recycling technology firm it acquired in mid-2016, to ramp up its processing capacity, the Austria-headquartered petrochemicals and fertilizers producer said on Tuesday.

The investment increases mtm’s processing capacity of post-consumer waste plastics from 60,000/year to 80,000 year, and to improve the company’s capacity to address the higher-value re-granulates market.

Borealis also plans to invest €2.5m in mtm compact, a sister company of mtm plastics it also acquired in July 2016, in additional capacity expansion.

“We need stepwise expansion projects to minimise down time, but also need to maintain existing facilities and business,” said incoming Borealis CEO Alfred Stern.

Stern, former vice president for polymers and innovation at Borealis, is to succeed outgoing CEO Mark Garrett on 2 July.

By Tom Brown