Fuel retailer MOL Group has acquired Hungary’s ReMat, a plastic recycling company with an annual processing capacity of 25,000 tonnes and almost 200 employees.
The deal aligns with the fuel retailer's strategy to focus on low carbon circular economy in Central and Eastern Europe.
ReMat Zrt. operates production plants located in Tiszaújváros and Rakamaz, Hungary, and a logistics hub in Bratislava, Slovakia.
The company manufactures a wide range of polyethylene and polypropylene regranules and tailor-made products using plastic waste from communal and industrial sources.
The acquisition will enable MOL Group to develop tailor-made virgin and recyclate solutions to meet the growing demand of its customers for circular materials.
'We Need More Recycled Goods'
Gabriel Szabó, executive vice-president of MOL Group Downstream, said, “We need plastic for our everyday life, plastic is good, what we don’t like is untreated plastic waste that is polluting the planet. MOL has started to invest in the circular economy because we all want to live in a better environment, and for that, we need more recycled goods. In addition, there is an increasing need from our customers for recycled material so good cause meets here with good business opportunities.
“With that in mind, in the last couple of years, we started to build a strong portfolio around recycling. And we won’s stop here: for a net-zero economy, we also have to use all kinds of waste as a resource, in a much more clever way than how we do today. Our goal is to become a key player in the low-carbon circular economy in Central and Eastern Europe and this acquisition is a major step towards this fascinating goal.”
‘Shape Tomorrow’ 2030+ Strategy
In February of last year, MOL Group launched its ‘Shape Tomorrow’ 2030+ Strategy, which is fully integrated with its new sustainability strategy.
One of the main pillars of this strategy is integrating circular economy into MOL’s operation.
The company plans to spend USD 1 billion in the next five years on new circular economy and green projects, with waste integration and utilisation as key elements of the new approach.
László Olasz, CEO of ReMat, said, “We have come a long way since our foundation and are incredibly proud to be a pioneer within Hungary’s plastic recycling industry.
"Over the last two decades, we have invested in state-of-the-art facilities and constantly expanded our processing capacities capable of supporting Hungary’s obligations towards the European Union regarding plastic recycling. We are excited to be joining MOL and look forward to continuing to drive growth for this attractive business.”