Danish environmental company Genan has signed an agreement with a Portuguese provider of transportation and construction equipment solutions, NORS, to acquire NORS subsidiary BioSafe – Indústria de Reciclagens, the operator of the largest tire recycling plant in Portugal.
When the transaction goes through at the end of this month, Genan will have six tire recycling plants worldwide.
With its stable financial status and a solid production capacity almost at its maximum, Genan was seeking new business ventures and felt that the purchase of BioSafe was the ideal opportunity.
The takeover incorporates a production unit in southern Europe, which will increase the company’s total production capacity and enable it to become more competitive in the region and in export markets, as transportation costs are a decisive factor for many customers.
Genan’s CEO, Poul Steen Rasmussen, said, “Our strategic focus is to continue to optimize and develop our core business. It is our priority to strengthen our innovation, develop new products and define new, environmentally friendly applications for recycled end-of-life tires. The acquisition of the BioSafe plant will infuse our R&D department with some highly competent resources, allowing us to combine ideas, efforts and experience.
“We look forward to welcoming the BioSafe team into the Genan family, taking Genan and BioSafe even further on our exciting quest, striving for a sustainable future.”
Tomás Jervell, CEO of NORS, commented, “We are very proud of what we have built at BioSafe over the years, together with both employees and the management team. BioSafe is, however, non-core business for NORS, and it is now time to move on. I am very happy to hand BioSafe over to a group as well reputed as Genan. This deal will allow BioSafe to reach a new level of achievement.”
