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RBS Supports Launch of New Joint Venture Plastics Recycling Plant
23/02/2009
The Royal Bank of Scotland (“RBS”) has provided a £17.1m funding package to support the development of a joint venture recycling plant in Worksop between MBA Polymers, Inc and Warrington-based European Metals Recycling Ltd (“EMR”).
The plastics processing facility once fully operational is expected to process 80,000 tonnes of waste per annum. Work on the plant has begun and is scheduled to complete early next year. A new joint venture company – MBA Polymers UK – has been established to run the operation.
The plant will specialise in the recovery of plastics from upgraded shredder residue. The upgraded shredder residue is a complex plastics-rich material, which is available after recycling metals from cars and consumer electronic devices.
It is estimated that more than 12 million tons of plastics from just end-of-life automobiles and electrical and electronics equipment are disposed of each year around the world. These plastics are commonly land-filled or incinerated at high economic and environmental costs because it is considered too complicated or expensive to recover and to separate them.
California-based MBA Polymers Inc is a world leader in recycling high value plastics from complex waste streams and end of life durable goods such as computers and business equipment. The company was established in 1994 and has designed and built two of the most advanced plastics recycling facilities in the world: one in Guangzhou, China and the other in Kematen, Austria.
Headquartered in Warrington, European Metal Recycling (EMR) has grown to become the UK’s largest metal recycling company, handling more than 10 million tonnes of materials from consumers, industry and demolition works per year. The company, founded in 1994, has made several acquisitions to grow the business and now operates from over 100 locations worldwide.
Dr. Michael Biddle, MBA’s founder and President, said:
“The MBA Polymers UK facility is an exciting development, as it expands our company’s global ability to deliver high quality resins from recycled plastic with a very small carbon footprint. With this expansion we are furthering our company’s goal of providing high-performance sustainable plastics on a global scale so that manufacturers can meet the consumer imperative for greater sustainability and environmental responsibility.”
RBS has provided a funding package to MBA Polymers UK to support the acquisition of the site and development of the recycling facility.
Steve Lewis, Relationship Director, Corporate Banking at RBS added:
“Both MBA and EMR are leaders in their respective markets and will bring considerable expertise to this venture. We are very pleased to provide the funding for the Worksop site and look forward to seeing it fully operational.”
Submitted by Andrew Cameron-Smith