Reconomy acquires Eurokey Recycling

Reconomy announced yesterday (22 March) it has acquired plastic recycling company Eurokey Recycling Ltd for an undisclosed sum.

Reconomy says the deal “accelerates” its progress towards its ambition of becoming “a global leader in the provision of services to the circular economy”.

Eurokey Recycling recycles a number of materials including paper, cardboard, metal and plastics

Based in Leicester and founded in 1995, Eurokey provides commodity trading and reprocessing services to commercial customers in the UK and internationally.

Reconomy’s CEO Paul Cox said: “We’re thrilled to announce the acquisition of Eurokey and welcome their team into the Reconomy family. The business has a great track record of success and brings considerable expertise and additional capabilities into the group.

“We will now be able to support even more of the requirements of our core UK customers and also scale up as part of our ambitious international expansion plans.

“I’m sure that with our shared focus on providing great customer service and delivering operational excellence through technology, Reconomy and Eurokey are going to make a big impact on driving the circular economy.”

With the addition of Eurokey, the Reconomy says its group’s annual turnover is in excess of £550 million.

Group

The acquisition is just the latest of several Reconomy has made in the last year or so. In December 2020 it announced it had struck a deal to buy the Munich-based Reverse Logistics Group (RLG), the second international acquisition it had made in recent months after snapping up Cologne-based ‘waste disposal provider’ Noventiz in October (see letsrecycle.com story).

“We’re delighted to become part of the Reconomy Group and this deal represents an exciting step in the development of Eurokey”

John Dhillon, managing director of Eurokey Recycling

Reconomy says it co-ordinates more than 150,000 waste movements every month across the group and manages more than 3 million tonnes of waste annually from its offices in Telford, Shropshire.

It operates across five key sectors: commercial construction, housebuilding, infrastructure, business and industry, and compliance.

John Dhillon, managing director of Eurokey, said: “We’re delighted to become part of the Reconomy Group and this deal represents an exciting step in the development of Eurokey with a company that mirrors our own values.

“With exciting projects already planned for 2021/2022, which will revolutionise the industry, being part of the Reconomy Group allows us to drive these plans even further forward.

“We’re looking forward to delivering a joint vision and strategic approach, which comes with being part of a dynamic company who share the same goals for the circular economy.”

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