Sibelco has announced a tender offer to subscribe for the sale of all the shares of Krynicki Recykling, the largest glass recycling company in Poland.

The company is offering PLN 23.00 per share, which reflects a 40.2% premium over the closing price from the last trading session on the Warsaw Stock Exchange preceding the tender offer.

Adam Krynicki, the CEO and largest shareholder of Krynicki Recykling, controlling (directly or indirectly) 31.44% of the company’s shares, has committed to sell all of his shares in the tender offer.

He commented: “I am convinced that joining the Sibelco group, which is a European leader in glass recycling, already active in France, Italy, UK and Belgium, is the best strategic option for Krynicki Recykling. Sibelco will be the best partner for Krynicki Recykling in its further development and maximization of the Company’s value, therefore I have decided to sell all my shares.”

Sibelco CEO Hilmar Rode said: “In 2021 we grew our glass recycling activity significantly through our acquisitions of Viridor in the UK and Solover in France. We believe that the acquisition of Krynicki Recykling in Poland will be an important step in the development of our glass recycling business in Central and Eastern Europe.”

www.sibelco.com