German company is a subsidiary of Recyc Commodities SE.
Provaluta AG, an 83 percent subsidiary of the Recyc Commodities SE, has acquired a 50 percent stake in the auto recycling company EcoAuto Azahara SL, based in Cordoba, Spain. The remaining 50 percent of EcoAuto was acquired by Tophedge AG, which will act as the liquidity provider of the investment. Provaluta is headquartered in Karlsruhe, Germany.
As part of the deal, EcoAuto Azahara SL will be renamed Provaluta Espana Reciclaje de Metales SL and the company will be integrated with Provaluta’s Espana SL division.
According to Provaluta, the purchase will play a key role for the group in expanding its precious metals recycling business.
Rafael Sevilla, Provaluta Espana SL's managing director, was named managing director for EcoAuto Azahara SL. He has more than 17 years of experience at the branch.
According to Provaluta, Cordoba will be the central collection point for used catalytic converters generated in North Africa, South America, Portugal and Spain. The company plans to build a recycling and extraction plant similar to one its subsidiary operates. The group says it possesses all permits in Spain, allowing it to immediately undertake all activities related to the recycling of potentially hazardous raw materials.