The Chinese company Cycle Link International plans to take over the Dutch company Waste Paper Trade (WPT). The transaction is still subject to regulatory approval, according to the Dutch firm. WPT is a 50/50 joint venture of the German waste management company Karl Tönsmeier headquartered in Porta Westfalica and Lumaro Beheer based in Scheemda in the Netherlands.
Both companies agreed to sell their stakes in WPT to Cycle Link International Holdings Limited. The contract was signed on 12 June. Details of the transaction were not disclosed.
Following the change in its ownership, WPT will be oriented more towards the Asian market, Tönsmeier reported. The sale of the 50 per cent stake had no significant effect on the group’s core businesses, the German waste management company added.
Cycle Link is a recovered paper buyer active worldwide. It is a subsidiary of Shanying International, Shanghai, which is considered one of China’s largest packaging paper producers. WPT will continue to operate independently, according to its managing director Jan Lucas Oldenburger. The company is mainly active in the recovered paper and plastic waste sectors, but also trades with waste glass, wood and scrap metals.