December 01st is the date when merger by absorption between GreenFiber International (absorbing company) and GreenTech (absorbed company) became effective and legally binding, formalizing a full integration of operations between two key players in the European circular economy of plastics, both part of GreenGroup.
As a result of the merger, the full patrimony of GreenTech (entity was dissolved, but not liquidated) was transferred to GreenFiber International. Furthermore, following the merger GreenFiber was renamed GreenTech, while also changing its main domain of activity, from producer of polyester staple fiber to recycler.
Absorbed company (GreenTech) was established in 2002 and in the last 20 years secured its position as European PET recycling leader and key producer of PET flakes, R-PET granules, and PET strap. Since the establishment of GreenFiber, in 2004, the two companies worked as an integrated team, as GreenTech was the key supplier of raw material to produce fibers. From the start, the companies shared the same management team.
Alina Genes, CEO GreenTech stated:
''The merger was a natural step towards bringing together two teams, that worked closely from the very beginning to offer an efficient solution for the recycling and circular economy of plastics. The new GreenTech is now strengthening its position on the European market as integrated PET recycler and circular economy enabler for plastics, with a unitary vision, consolidated portfolio of recycled products and perfect synergy between supply chain and production. This leads to improved efficiency and sustainability, thus better servicing the needs of our partners and industrial clients.''
