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2024-04-04 00:00:00
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Austria's specialty chemicals giant Borealis, predominantly owned by the oil and gas titan OMV, is set to acquire Integra Plastics, Bulgaria's premier plastic bag recycling company, located in Elin Pelin, near Sofia. Established five years ago as a subsidiary of Oliva, Bulgaria's largest sunflower oil producer, the facility represents the only plastic bag recycling plant in the region. The acquisition is anticipated to finalize in the first quarter of 2024.
Borealis is purchasing a full 100% stake in Integra Plastics, highlighting the company's strategic move into advanced mechanical recycling within Bulgaria. Although the purchase price remains undisclosed, Integra Plastics' 2022 gross profit of 14 million levs (approximately 7 million euros) suggests a significant investment amount. Completion of the deal is contingent upon receiving regulatory approvals, expected by February.
Yulian Stefanov, CEO of Integra Plastics, detailed the year-long negotiation process, marked by Borealis' keen interest since the plant's inauguration in 2019. Integra Plastics, majority-owned by Betainvest, under Angel Georgiev of Buildcom and Oliva, alongside a minority stake held by Cyprus-registered Vallenova, is poised for strategic redirection post-sale. Stefanov cited the divergent business focus of Integra Plastics from Oliva and Buildcom as a primary reason for the sale, emphasizing Borealis' market orientation and capability to achieve vertical integration more effectively.
Post-acquisition, the Elin Pelin plant will continue its recycling operations, with Borealis planning further investment to enhance its business. This move aligns with Borealis' Strategy 2030, aiming to bolster its circular economy initiatives and support customers in achieving their sustainability goals through advanced mechanical recycling technologies.
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