Austria-based Next Generation Group (NGR), a developer and manufacturer of plastic scrap shredders and extruders, has announced a minority share investment by the Ingka Group, a company that operates more than 350 IKEA stores.
NGR says the investment “will enable the company to further develop new technology and expand its service offering in order to better serve the plastic recycling industry. “
NGR describes itself as having more than 20 years of experience as a developer and provider of plastics recycling machinery, and the firm says it “supports the supply growth of secondary raw plastic materials by offering a full range of post-consumer, post-industrial and PET [polyethylene terephthalate] recycling equipment.”
The Ingka Group, with business units that include IKEA Retail, Ingka Investments and Ingka Centres, will make a minority share investment of 24 percent, according to NGR.
“Ingka Group, with their investment principles, enables Next Generation Group as a technology provider to invest in new technologies supporting the transition from a linear to a circular economy,” says Josef Hochreiter, CEO of Next Generation Group. “The shared view on our long-term strategy and philosophy supports us to further grow the company.”
Comments Krister Mattsson, head of Ingka Investments, “Next Generation Group is an interesting company with great potential and is in line with our sustainability commitments. We have a clear strategy for our minority investments to support innovative companies and create room for them to develop. We have a long-term commitment in all our investments.”
Ingka Group bills itself as the world’s largest home furnishing retailer, operating 367 IKEA stores in 30 markets. Ingka Group is one of 11 different groups of companies that own and operate IKEA stores under franchise agreements with Netherlands-based IKEA Systems B.V.