April 21, 2022: Belgium’s Campine has made a conditional bid to acquire lead battery recycling plants from troubled French recycling peer Recyclex, the companies confirmed on April 15.
Campine has offered to acquire lead battery recycling plants in Escaudoeuvres and Villefranche-sur-Saône, France, as well as a plastics recycling subsidiary, around €2.5 million ($2.7 million).
The bid was one of several announced on April 15 for parts of Recyclex, as the group said it had failed to organize an “amicable” debt restructuring process since it launched an assets disposal program in May 2021.
Reorganization
Other bids included €40 million from mining giant Glencore to acquire Recyclex’s 50% stake in the recycling firm Recytech, which is jointly owned with Spanish company Befesa.
Other offers focused only on acquiring discontinued mining and industrial sites including Estaque, in Marseille, for around €500,000.
The Paris Commercial Court will now decide on whether to allow a formal reorganization of Recyclex — which will allow the court to examine offers received.
‘Sustainability’
Recyclex said Campine’s offer was likely to maintain the activities of the group’s industrial sites and associated jobs — but that it was “still uncertain” whether conditions of the deal could be met. However, the bid was “likely to promote the sustainability of activities and jobs at sites that are fully committed to the lead and plastic waste recycling economy”.
Campine’s offer would also be subject to agreement between that company and the French government on the amounts of the financial guarantees required if the lead recycling plants takeover goes ahead.
Recyclex said the offers received compare with its total net debt of €52.2 million, plus provisions for environmental risks and liabilities of €16.2 million and that no further offers are expected “in view of the extensive due diligence” it has taken to find buyers.
Photo: Recyclex board chairman Thomas Hüser at the company’s ULAB breaker and treatment plant in Escaudoeuvres
