ELG Carbon Fibre (ECF) Limited has divested its short fibre business to Procotex Corporation SA following a management buyout in May. The new name is Gen 2 Carbon which will continue to develop the long, recycled carbon fibre business, which primarily serves the composites industry with carbon fibre and thermoplastic nonwovens.
The Haniel group announced a strategic review of ECF’s parent company ELG Haniel in early 2020. This led to a decision to focus on the metals recycling activity –stainless steel and super alloys – and the need to find a new owner for the carbon fibre recycling activity that has been grown over the last years.
After considering a number of options, ECF has sold its short fibre business to Procotex Corporation SA who will continue to supply key customers with no interruption to business. Procotex Corporation SA is a global sustainable recycled fibre supplier across diverse applications, markets and materials, and this acquisition complements the existing carbon fibre business of Procotex’s Apply Carbon subsidiary in France.
ECF has been bought out by its management and will be transformed to Gen 2 Carbon with a long fibre product portfolio aimed mainly at the composites industry. Customers and suppliers will experience no interruption to current purchase, supply or design projects.
Gen 2 Carbon will build on the capability that has been developed under the stewardship of ELG Haniel and Mitsubishi Corporation, which was a 25% shareholder in the business, and seek to develop next-generation carbon fibre recycling technologies and continue to grow the market for carbon fibre and carbon fibre & thermoplastic nonwovens in the composites industry.
Former managing director of ECF, Frazer Barnes, is now chairman and chief technical officer of Gen 2 Carbon.
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