Electronics recycler Igneo foresees further and rapid growth of its activities worldwide following its take-over by Korea Zinc (KZ).
2022 was a roller coaster year for the e-scrap recycler which was busy rolling out a network of collection hubs in the US. What’s more, in July the company finalised a majority investment (75%) agreement with precious and non-ferrous metals recycler Korea Zinc, to boost Igneo’s global growth strategy which includes the construction of a new furnace in Savannah, Georgia (US) capable of processing 90 000 tonnes per year when online in early 2025.
‘We needed a strategic partner to boost our growth plans,’ says Igneo ceo, Danish Mir. ‘A big player like KZ not only adds credibility and expertise but provides a truly circular solution that gives old metal a new life.”
IN THE FAST LANE
Then, just before Christmas, KZ also acquired the remaining 25%. Why? ‘This step enables them to go faster and speed up expansion. We were initially focused on the US and Europe but KZ has a more global approach and the global market is what Igneo is targeting.’
Things are going faster for Igneo now – when they were already going quite fast. The company has managed to set up four certified hubs within 15 months.
CONTINUOUS GROWTH PATH
Igneo currently operates a metal recovery furnace in northern France capable of handling 30 000 tonnes of e-scrap per year. In April, ground-breaking will take place at the furnace in Savannah. ‘A very exciting project that provides the US with a domestics solution for low grade e-waste,’ says Mir.
Expansion of capacity will be realised by building a second furnace, also in Savannah, while a third is planned ‘probably on the US west coast’, confirms the ceo. In addition, the company will build a network of collection hubs outside the US, mainly in Europe and Asia. ‘Don’t be surprised if we announce soon that we are going to acquire other existing yards.’