“Žalvaris”, the largest industrial waste management company in Lithuania, belonging to the “GreenGroup”, a leading circular economy enabler in Central Europe, has acquired 75% of the shares in the company “Grindplast”. This Latvian undertaking recycles various types of plastic packaging, waste containers, plastic pipes, bottles and other plastic waste. With the acquisition transaction, “Žalvaris” aims to combine its plastic waste management and recycling activities.
“In 2023, “Žalvaris” joined the “GreenGroup”, a corporate group that follows a strategy based on the core principle of the circular economy, aiming at extracting the maximum amount of raw material from all types of waste, recycle it and return to the market as a consumer product. The acquisition of the Latvian company “Grindplast” will contribute to this strategy. This way, we will be able to manage plastic waste generated in our industrial activities more efficiently and gain plastic waste recycling capacity,” says Vitoldas Sapožnikovas, the CEO of “Žalvaris”.
The Latvian company “Grindplast”, acquired by “Žalvaris”, with an annual turnover of EUR 1.7 million, has the capacity to process up to 17 000 tonnes of plastic waste per year. During recycling, Grindplast produces a variety of recycled raw materials used in the production of new plastic parts and moulds.
“Žalvaris” has acquired a 75% stake in “Grindplast”, while the rest 25% belongs to “Grind Fibers OU”. The parties agreed not to disclose the transaction value and other details.
This is not the first foreign operation of “Žalvaris”. The company is a cooperating partner for industrial waste management and a recycling partner in foreign markets: the Baltic States, Poland, Germany, Switzerland, France and other European countries.
In 2023, “Žalvaris” collected and managed 63,000 tonnes of waste, including both hazardous (46%) and non-hazardous (54%) waste. Last year, 54% of the total waste collected and managed was used for recycling and production. In comparison, 44% was used to produce electricity and heat.
According to Mr Sapožnikovas, the acquisition of “Grindplast” is part of the expansion plan of “GreenGroup” in the Baltic region, which will further strengthen its position as the largest integrated recycling group in Central Europe in the field of industrial waste management and recycling. In Lithuania, the “GreenGroup” companies include the waste management company “Žalvaris” and two plastic waste recycling companies: “Ecso” and “GreenTech Baltic”.
Meanwhile, “Žalvaris” currently owns a wood waste management company “Žalvaris Wood” and the company “Žalvaris Autoscrap” that manages end-of-life vehicles.