London — Hungarian oil and gas company MOL has agreed a deal to buy Aurora Group, a German company that recycles plastics including polypropylene, polycarbonates, polyamides and polyoxymethylene, the company announced Monday.
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Aurora Group, which has a 15,000 mt/year production capacity, specializes in recycling post-industrial waste based on a closed-loop concept of collection, regrinding and compounding material which is then sold to the automotive industry, as well as for electrical, construction, furniture and machinery sectors.
The purchase forms part of MOL's 2030 strategy to invest $4.5 billion in chemical and petrochemical projects, with a focus on plastics recycling.
This strategy has already led to a strategic cooperation agreement with the German recycler APK.
The purchase of Aurora Group is expected to allow MOL to help customers increase the recycled content in their end-products, as Aurora Group's focus on engineering plastics and polypropylene is expected to complement MOL's existing virgin polypropylene and polyethylene business.
No price was given for the deal.
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