Viridor submitted a £90 million bid for chemical recycling company Quantafuel in February, with the company saying this is a sign it is “backing chemical recycling”.
One potential hurdle to the deal in terms of competition was the fact that Quantafuel owned a 40% stake in Norwegian waste management business Geminor, which also has a number of UK contracts.
Geminor UK says it managed around 600,000 tonnes of waste-derived fuels in 2019 and was the top exporter of RDF from England.
However, in an announcement this morning, Geminor confirmed that the 40% stake it sold in 2020 (see letsrecycle.com story) has now been sold back to the founder and CEO of Geminor, Kjetil Vikingstad, and co-owner Ralf Schöpwinkel
The two have secured sole ownership of the company, as before the Quantafuel acquisition in 2020.
Quantafuel will most likely be acquired by the British waste management company Viridor
- Kjetil Vikingstad, Geminor
‘Right choice’
Mr Vikingstad said: “This is the right choice for Geminor and will enable us to grow in the European waste management market.
“Quantafuel will most likely be acquired by the British waste management company Viridor. Hence, we faced a choice between continuing operations with the new owner of Quantafuel, or buying the company back. The choice fell on the latter, which we believe is right for Geminor and our plans for expansion in the European waste and recycling market.
“With Quantafuel as a partner, Geminor has taken new steps within the recycling of plastics, and it has been a productive collaboration for both companies. The fact that we choose to continue without Quantafuel as owner changes neither the structure nor the strategy of Geminor.”
‘Undramatic’
Geminor explained that the deal is “a natural and undramatic decision”. It added that Quantafuel selling its shares in Geminor does not mean that the investment in plastics is over for Geminor, and it “will continue to be an important part of the company’s strategy.”
Truls Gautesen, chairman of Geminor, added that the company will continue the work to develop existing and new markets.
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