Family-owned A.P. Moller Holding, owner of Danish shipping giant Maersk, said on Monday it had agreed to buy sustainable food packing company Faerch Group for $2.31 billion.
The Copenhagen-based holding company will buy Faerch, which specialises in recycling food trays back into new food grade products, from private equity group Advent International.
“Today, a lot of plastics and other forms of waste end up in nature, landfills and incinerators, with far-reaching environmental implications,” Chief Executive of A.P. Moller Holding, Robert M. Uggla said in a statement.
“We would like to contribute to the critical societal development of a circular system of waste, with the same material being used and re-used in an endless number of manufacturing cycles,” he said.
Faerch, headquartered in Holstebro, Denmark, employs more than 1,400 people and has 12 production sites in Denmark, Great Britain, France, Spain, the Czech Republic and the Netherlands.
A.P. Moller Holding owns 41.5% of shares and 51% of voting rights in the listed company A.P. Moller-Maersk. It also holds 20% of shares in Denmark’s biggest bank, Danske Bank.
Source: Reuters
