Krynicki Recykling, a Polish company that sources and processes container crushed glass for recycling, is looking for acquisition targets to consolidate the market.
Its CEO said it was not interested in companies with glass processing technologies but wanted to take over its competition’s access to resources.
Adam Krynicki, CEO of Krynicki Recykling, said: “We are currently in talks with three potential targets with revenues of less than PLN10million ($3.1million), each with access to tens of thousands of tons of glass."
The planned expansion is linked with the completion of a PLN 50milion ($15.8million) investment in the company's third glass processing factory in Pelkinie. Almost half of the funds came from EU funds which prioritize recycling projects.
It means that next year it will be capable of processing 200,000 tonnes of glass in all the company's facilities.
According to official data compiled by the Ministry of Environment, the yearly average of glass that could be processed in Poland amounts to some 510,000 tonnes.
Krynicki estimated that both the company's net profit and revenues will be in the double digits. Krynicki Recykling posted a net profit of PLN 1.3 mlllion in Q1-Q4, on revenues of PLN 26.9 mlllion.
*Glassman Europe takes place in Warsaw, Poland between May 7 and 8th at Hal 4, Expo XXI. www.glassmanevents.com/europe