Viridor has successfully become a majority shareholder in Quantafuel AS, following a formal offer for acquisition for c.£90m in February of this year.
This acquisition reflects Viridor’s ambition to lead innovation in the plastics recycling sector and deliver full circularity in all four major plastics by 2025.
Following an Extraordinary General Meeting, a new Quantafuel Board has been formed and is now headed by Viridor’s CEO Kevin Bradshaw and CFO Nick Maddock. Terje Eiken has taken over as Quantafuel’s CEO and will lead the company’s integration with Viridor. Work will also continue towards a delisting of Quantafuel.
Kevin Bradshaw, Viridor CEO commented: “We are delighted that Viridor has become a majority stakeholder in Quantafuel. This acquisition is an important step on Viridor’s growth journey to build a truly circular plastics economy. We see the opportunity for many exciting future developments and together will help build a world where nothing goes to waste.”
Terje Eiken, Quantafuel CEO commented: “We have landed on a strong industrial and financial solution for Quantafuel. We are excited to be part of creating an even stronger polymer business in Viridor, which now includes chemical recycling. Together we will lead innovation within the plastics recycling sector.”