SCG Packaging Plc (SCGP) has acquired 100% stake in Peute Recycling B.V. (Peute), the largest independent paper and plastic processor in the Netherlands, with this purchase now successfully completed, Matichon newspaper said today (July 18).
SCGP paid 78.19 million euros or approximately 2.875 billion baht for the acquisition of this Dutch company through its wholly owned subsidiary in Singapore SCGP Solutions (Singapore) Pte. Ltd.
SCGP will begin posting Peute’s consolidated results from this month onwards.
Peute has been in business for more than 60 years, with revenues last year totalling of 249 million euros (approximately 9.160 billion baht) and profits 3.2 million euros (about 120 million baht), including total assets of 52 million euros (approximately 1.930 billion baht).
Peute currently possesses the ability to source 1 million tonnes per year of recovered paper and 100,000 tonnes per year of recovered plastics at its facility in Dordrecht with ongoing move to relocate the facility to Alblasserdam, near Rotterdam port, to double the sourcing capacity and improve cost management efficiency.
Mr. Wichan Jitphakdi, SCGP’s CEO, said his company expanded its packaging material recycling business in keeping with its long-term strategy to strengthen both its upstream and downstream operations.
“The company is confident that this investment will help strengthen SCGP’s ability to expand its business in the rapidly growing packaging material recycling market. It is also a key factor in the company’s long-term growth strategy to strengthen raw material procurement and support all packaging operations both upstream and downstream and internal integration in order to offer a complete packaging solution,” Wichan said.
Top: SCGP CEO Wichan Jitphakdi.
Front Page: Paper pallets produced by SCGP as a substitute for wooden pallets due to its increasing scarcity while also being environmentally friendly.