Coolrec, the e-waste recycling subsidiary of the Dutch waste management group Renewi, is undergoing a rebranding. The business's new name, "Renewi E-waste" would align the company more closely with its parent firm, and allow the group to consolidate its portfolio of high-quality recycled plastics in a single, unified brand, Renewi explained.
The move also reflects "the evolution of Coolrec from a pioneer in cooling and refrigeration equipment processing into a full-spectrum specialist in e-waste recycling", said the Dutch parent company.
With the name change, the company was also aiming to positioning itself at the forefront of plastics recycling in Europe, Renewi added. Following the rebranding, customers seeking a range of recycled plastics, including PS, ABS, r-PP, and r-PE, can access them through a single point of contact and contract within the Renewi group.
"Coolrec has historically delivered specialist recycled plastics like PS and ABS, while Renewi focused on r-PP and r-PE," explained Bas van Ginkel, managing director of Renewi E-waste. "For customers needing all these materials, having two different access points was inefficient. This rebranding changes that – we’re now a one-stop shop," he said.
Amid the challenges currently facing the market, Mr Van Ginkel underlined the importance of innovation in anticipation of forthcoming European regulations. "It’s clear that harmonised legislation and incentive frameworks are needed across Europe. Those who invest now in recycled materials and innovation are the ones who will lead in tomorrow’s regulatory landscape," said the Renewi E-waste managing director.
Renewi's WEEE (waste electrical and electronic equipment) recycling business operates sites in the Netherlands, Belgium, and France. In the 2023/24 financial year ended 31 March, Coolrec generated revenues of €93.5m and underlying earnings before interest and tax (Ebit) of €5.8m.
Shareholders approve Renewi's take-over by Macquarie and BCI
In the planned takeover of Renewi by Macquarie Asset Management and an indirect subsidiary of British Columbia Investment Management Corporation (BCI), the court-supervised "scheme of arrangement" was approved by the requisite majority of shareholders at a court meeting and a general meeting on 26 March. Renewi continues to expect that the scheme will be completed in the second quarter of this year, subject to the satisfaction or waiver of the remaining conditions.
The final purchase price for Renewi of 870 pence per share values the company's share capital at approximately £707m. This is equivalent to about €815m at current exchange rates.
