Mitsubishi Corporation has announced the acquisition of 25% of shares in UK recycler ELG Carbon Fibre.
The arrangement was effective from 5 April when the new partnership became ELG Carbon Fibre International. Under the agreement, Mitsubishi will ‘use its existing resources to promote the sales and marketing of recycled carbon fibre products and accelerate the global expansion of ELG’s recycling operations’.
Together, the companies believe they can enhance their global business development and the ‘reliable supply’ of reprocessed carbon fibre.
ELG says it is the first company in the world to have established ‘stable commercial production’ of reclaimed carbon fibre. The UK recycler caters to markets such as the automotive and electronics sectors.
‘This transaction demonstrates our commitment to driving shareholder value and developing the business on a global scale,’ says ELG’s managing director Frazer Barnes.
He adds: ‘We have already actioned our integration plans to achieve profitable and sustainable growth targets and we are confident in our ability to achieve these goals. The strong support of Mitsubishi provides valuable resources to support ELG’s continued expansion and strengthens our position within the Asian and North America markets.’
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