DGAP-News: Pyrolyx AG / Key word(s): Investment/Merger
Pyrolyx AG: Merger in the Recovered Carbon Black Market
12.02.2015 / 14:03
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Merger in the Recovered Carbon Black Market
Pyrolyx AG and carbon clean tech AG have agreed trough a Non-Binding Term
Sheet to the Essential Details of a Planned Merger
- Through the planned merger Pyrolyx AG will become the world's largest
producer of recovered carbon black (rCB) from post-consumer rubber &
tires
- 10 M Euros investment volume through Pyrolyx AG into research and
development, production and sales
- Expansion of cct's industrial-scale rCB plant through the building of a
complimentary production facility with Pyrolyx-patented technology
Munich and Potsdam, 12.02.2015
Pyrolyx AG and carbon clean tech AG (cct AG) announce the planned merger of
the two European market leaders in the production of recovered carbon black
(rCB), detailed in a non-binding term sheet signed today. The planned
merger will strengthen capabilities for production, research and
development and sales of a critical component of sustainable polymers. rCB
is produced from post-consumer rubber & tires instead of oil and is a
cost-effective, sustainable alternative to traditional carbon black for a
variety of plastics and rubber applications, including rubber compounds for
tires.
A significant component of the transaction is that cct Stegelitz GmbH, a
fully owned subsidiary of cct AG, will be incorporated into Pyrolyx AG by
way of a capital increase. In exchange cct AG will receive shares
corresponding to a share of 16.6% of the share capital of Pyrolyx AG.
Furthermore, the total value of cct Stegelitz GmbH will be compensated with
an additional cash component. Through this agreement, cct founders and
shareholders will remain committed to, and involved in continuing to build
the combined company.
Pyrolyx AG is a Munich-based company specializing in practical and applied
research in environmental technology, including a unique process that
enables rCB production from commercial rubber granules from post-consumer
tires. cct AG, based in Saxony-Anhalt and Potsdam, Germany, is the leading
European producer of rCB, with an industrial production facility in
Stegelitz near Magdeburg, serving customers since 2012.
The term sheet has been agreed upon by all cct shareholders and the Pyrolyx
AG Supervisory Board. Completion of the transaction is scheduled for end of
April 2015, and the full integration of cct into Pyrolyx AG by the end of
the 2nd quarter 2015.
This merger will create the market leader in the production and development
of rCB worldwide. The combined company will be the most innovative and
ecologically friendly producer of rCB, revolutionizing the future of
sustainable polymers and the products derived from them.
One of the key aspects of the acquisition is the expansion of production
capacities by implementation of a complimentary production facility, based
on Pyrolyx-patented technology, at the site of cct's existing 4.500 t/a
capacity rCB plant. Within the next 24 months, Pyrolyx plans an investment
of 10 M Euros into product development, research and international sales.
In addition, a rCB and rubber laboratory at the production site in
Stegelitz is planned. This new state-of-the-art laboratory will further
accelerate successful rCB product development.
Upon contract closing, cct's current CEO, Dr. Philipp Theden, will join
Pyrolyx AG's executive board. All current cct GmbH and cct AG employees
will be an integral part of the newly formed Pyrolyx group.
Pyrolyx CEO Niels Raeder says: "With the acquisition of the established and
successful cct we are creating the most innovative manufacturer in the
field of rCB production. The two companies complement each other perfectly
in production, research and development, sales and finance functions. The
combined team will be the largest and most experienced team in the field of
carbon black recovery."
"Joining forces will enable us to expand production capacity and accelerate
the rate of innovation, allowing the rubber industry to achieve significant
cost savings and reduction of carbon footprint through use of recovered
carbon black," said cct CEO Dr. Philipp Theden.
About Pyrolyx AG
Pyrolyx AG is a Munich, Germany, based company specializing in practical
and applied research in environmental technology. The company has developed
a unique process that enables valuable raw materials such as recovered
carbon black to be made from commercial rubber granules produced from
end-of-life tires. Carbon black is used to manufacture tires and various
industrial rubber items. The Pyrolyx process enables a sustainable closed
recycling loop for the first time for the reuse of end-of-life tires.
Pyrolyx owns all the intellectual property rights to Pyrolyx environmental
technology and has various patents and patents pending concerning the
industrial production of carbon black. Pyrolyx AG is quoted on the primary
market of the Düsseldorf Stock Exchange (WKN A0MFXR). For more information
please visit www.pyrolyx.com.
About cct AG
carbon clean tech AG (cct) is a product company specialized in the recovery
of carbon black from post-consumer rubber products for a sustainable
polymers industry using their own patented process. cct's industrial scale
production facility is the only producer of rCB worldwide to be ISO
9001:2008 and ISO 14001:2004 certified and has been producing and serving
customers since 2012. For more information please see
www.carbon-clean-tech.com.
Contact:
Rolf-Hendrik Arens
VP Communications & IR
Pyrolyx AG - München
E-Mail: arens@pyrolyx.com
Mobil: +49 (0) 151 70 10 10 70
Office: +49 (0) 89 856 335 - 0
www.pyrolyx.com
Amy Frantz
HR / Marketing Manager
carbon clean tech AG
frantz@carbon-clean-tech.com
+49 (0) 157 753 47727
www.carbon-clean-tech.com
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Language: English
Company: Pyrolyx AG
Nymphenburger Str. 70
80335 München
Germany
Phone: +49 (0)89 856 335 50
Fax: +49 (0)89 856 335 55
E-mail: info@pyrolyx.de
Internet: www.pyrolyx.com
ISIN: DE000A0MFXR8
WKN: A0MFXR
Listed: Freiverkehr in Düsseldorf
End of News DGAP News-Service
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322847 12.02.2015
DGAP-News: Pyrolyx AG: Merger in the Recovered Carbon Black Market
| Source: EQS Group AG