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MOL acquires ReMat

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Hungarian oil and gas company MOL on Friday said it acquired ReMat, Hungary's leading plastics recycling company, according to portfolio.hu.

ReMat recycles communal and industrial waste to make plastic granules, used in the automotive and packaging industries.

MOL is working to build a strong portfolio in plastics recycling and integrated waste management in line with its strategic goal to become a leader in the low-carbon circular economy in the CEE region, it said in a statement.

Including Germany's Aurora Kunststoffe, which it acquired earlier, MOL's plastics recycling capacity will increase to 40,000 tonnes a year.

ReMat has a recycling capacity of 25,000 tonnes and a headcount of close to 200. MOL noted that it had signed strategic partnership agreements with German recycling technology company APK and Swiss peer Meraxis. ReMat had a revenue of HUF 3.5 billion in 2020, according to public records. Exports accounted for about 20% of the total.

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