At its two plants located near Valencia in Spain, Iber Resinas recycles plastics derived from industrial and household waste
Plastics recycling firm Iber Resinas acquired by TotalEnergies. (Credit: Hans from Pixabay)
French oil and gas major TotalEnergies has acquired Iber Resinas, a Spain-based firm engaged in the mechanical recycling of plastics for sustainable applications.
The financial terms of the deal were not disclosed.
At its two plants located near Valencia in Spain, Iber Resinas recycles plastics, including polypropylene, polystyrene, and polyethylene derived from industrial and household waste.
The post-consumer and post-industrial materials are transformed by the Spanish firm into pellets that substitute the pellets created by petrochemicals with almost the same technical characteristics.
Iber Resinas is said to sell its products to a network of direct customers for manufacturing automotive parts, building or packaging materials.
TotalEnergies expects Iber Resinas to make use of synergies with its operations to build quality products. Besides, the Spanish firm will gain from its ability to expedite its growth, said TotalEnergies.
Iber Resinas owners and managing directors Santiago Sanz and Borja Sanz said: “Joining TotalEnergies is a great satisfaction, but also an opportunity to strengthen and develop Iber Resinas. It will allow us to jointly build on our work, knowledge, and development in Spain and the EU in the polymer recycling sector, and meet the new challenges and ambitions of our customers.”
The acquisition enables TotalEnergies to boost its production of circular polymers in Europe. It will also expand its variety of recycled products and improve its access to feedstock via the network of suppliers that Iber Resinas has.
TotalEnergies polymers, refining and chemicals senior vice president Nathalie Brunelle said: “This acquisition is a further step towards achieving our ambition of increasing the share of circular polymers in our plastics production to 30% by 2030.
“We are pleased to welcome Iber Resinas’ teams and combine their recycling know-how with TotalEnergies’ polymers expertise.”
Earlier this year, TotalEnergies entered into a collaboration with Paprec to create a French value chain for the advanced recycling of plastic film wastes.