Elemental Holding Group has acquired Maryland Core Inc., a Baltimore-based buyer and recycler of catalytic converters, used auto parts and other automotive scrap materials, for $11 million. The transaction was conducted by Elemental Holding Group in cooperation with the Polish International Development Fund, managed by PFR TFI, and the Polish Development Bank.
“Thanks to our ambitious investment policy, we are strengthening our position in the global supply chain of economically strategic raw materials,” Krzysztof Spyra, a management board member of Elemental Holding, says.
Elemental Holding S.A. is based in Poland and invests in companies engaged in urban mining and recycling, according to its website, across four business lines: spent automotive catalyst, waste electrical and electronic equipment (WEEE), printed circuit boards and nonferrous scrap. The companies under the Environmental Holding umbrella operate in the European Union, Turkey, the United Arab Emirates and the United States.
The purchase of Maryland Core is the second investment Elemental Holding has made in the U.S. platinum group metals (PGM), which include platinum, palladium and rhodium, recycling market. In December 2019, the group purchased a controlling stake in PGM of Texas LLC, which has an extensive purchasing network in 11 locations across the United States, as well as a modern processing plant and chemical laboratory, the company says. Through organic growth and acquisitions in Europe, Asia and North America, Elemental Holding has increased its PGMs production volume from 42,000 troy ounces (1.25 tons) in 2016 to nearly 500,000 troy ounces (15 tons) in 2020.
“The integration of Maryland Core into the structure of the Elemental Holding Group is another important step in the implementation of our strategy,” Spyra says. “It envisages building the largest entity dealing with sourcing and green production of precious metals, including platinum group metals and copper group metals. As we integrate companies operating around the world, we invest in the latest technologies, thanks to which the production process is not only cost-effective but also optimal for the environment.”