Brief: Campine Acquires 3 Recycling Factories In France In Context Of Recylex Insolvency Proceedings

Campine NV

06/07/2022 16:58

July 6 (Reuters) - Campine NV  CAMB.BR :
    * CONTINUES GROWTH IN THE CIRCULAR ECONOMY WITH THE
ACQUISITION OF
ONE PLASTICS AND TWO BATTERY RECYCLING FACTORIES
    * HAS ACQUIRED 3 RECYCLING FACTORIES IN FRANCE IN CONTEXT OF
INSOLVENCY PROCEEDINGS OPENED FOR RECYLEX S.A. GROUP
    * PAID A TOTAL SUM OF ABOUT 0.75 MILLION EUR FOR ASSETS AND
A
COMPLEMENT
    * TAKES CONTROL AS OF JULY 7(TH) AND HAS ECONOMIC
RESPONSIBILITY
GOING FORWARD
    * ACQUISITION IS A SUBSTANTIAL UPSTREAM EXPANSION OF
CAMPINE'S
BATTERY RECYCLING SCOPE AND ADDS RECYCLED PLASTICS AS AN
ADDITIONAL MATERIAL OUTPUT
    * WILL MAINTAIN EMPLOYMENT IN 3 FACTORIES AND PLANS ABOUT 8
TO 10
MEUR OF INVESTMENTS IN NEXT 4 YEARS TO IMPROVE EFFICIENCY
    * TRANSACTION IS COMPLETELY DEBT FREE AND NONE OF RECYLEX
DEBT-LIABILITIES IS TRANSFERRED TO CAMPINE
    * ALL LEGAL PROCEEDINGS AGAINST RECYLEX REMAIN IN RECYLEX
SA, WHO
WILL CONTINUE TO EXIST UNDER INSOLVENCY PROCEEDINGS
    * FINAL COMPLEMENT PRICE WILL BE SUBSEQUENTLY ADJUSTED TO
BASIS OF
REAL AMOUNTS OF SUCH ELEMENTS ON JULY 7(TH) 2022 AND IS
ESTIMATED TO ABOUT 3.5 MEUR

Source text for Eikon:  ID:nGNETyWgP 
Further company coverage:  CAMB.BR 

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