CFF Recycling, Penauille Polyservices Merge

French recycler extends its businesses with acquisition.

Published January 04, 2005

CFF Recycling and Penauille Polyservices have merged to become a more dominant player in the services industries.

 

Daniel Derichebourg, chairman, CEO and majority shareholder in CFF Recycling, and Jean-Claude Penauille, chairman, CEO and majority shareholder in Penauille PolyServices, have announced the signing of an agreement to create a major player in the Services to Industries sector.

 

The agreement creates a joint holding company in which CFF will have the majority control. The new entity will assume ownership of all Penauille PolyServices shares currently held by JCP Participations.

 

For CFF Recycling, the operation represents an opportunity to implement a diversification strategy, which the company has been planning on for several months.

 

The newly created company, DJC, will be held 51 percent by CFF and 49 percent by Jean- Claude Penauille who will sign over to DJC his current holding in Penauille Polyservices.

 

DJC will be headed by Daniel Derichebourg. Its Board of Directors will be made up of six people, of whom a majority will be designated by CFF.
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