Australia – Industrial waste recycling specialist HydroMet has acquired PGM Refiners – a fellow Australian company active in electronics recycling – as part of its diversification and expansion strategy. HydroMet has entered into a Memorandum of Understanding to take a controlling stake via a new share placement which would be funded by HydroMet from internal resources.
PGM operates a newly-upgraded processing facility in Dandenong, Victoria, and has plans for expansion into other Australian states. The company has designed and developed its own technology to recover valuable commodities such as aluminium, copper, steel, plastics and precious metals from electronic waste. It also separates and upgrades lead-containing cathode ray tube glass from televisions.
With the recently-passed Commonwealth Product Stewardship initiative specifically designed to increase e-waste recycling rates, reduce e-waste in landfill and cut illegal exports, there will be substantial quantities of e-waste needing to be recycled, it is believed.
The acquisition is expected to increase the combined processing capability of both HydroMet and PGM. On completion of the final agreement, the acquisition will be subject to the approval of PGM shareholders. And because HydroMet’s Chairman Dr Lakshman Jayaweera and his son Karvan Jayaweera have interests in – and are directors of – PGM, approval of this transaction by HydroMet shareholders is also required under the Corporations Act.