Ecobat completes sale of Italian business unit

Ecobat, a Texas-based battery recycling firm, has announced the completion of the sale of its battery and polypropylene (PP) plastic recycling business in Italy to Haiki + S.p.A. of Milan, Italy.

The transaction includes three former Ecobat facilities in Marcianise, Paderno Dugnano and Bologna, Italy, and marks the exit of the company (whose predecessor companies include RSR Corp. and Quemetco) from the Italian market.

In late May, Ecobat also announced its intention to exit the French market via the sale of assets and operations there to Belgium-based Campine NV.

“We are pleased to announce the completion of this transaction involving our Italian recycling operations,” says Tom Slabe, Ecobat’s president and CEO. “This sale marks yet another step forward in our strategic efforts to optimize Ecobat’s geographic footprint.”

Continues Slabe, “We will continue to pursue additional opportunities to maximize value for shareholders beyond this transaction. We are confident that Haiki’s commitment to innovation and sustainability will provide a solid platform for the continued success of the Italian business.”

Ecobat says Milan-based Pirola Corporate Finance acted as financial advisor to the transaction and global law firm Advant Nctm acted as legal advisor to Ecobat.

On its website, Haiki lists involvement in the battery recycling, industrial, commercial and institutional (IC&I) recycling, landfill mining and waste electrical and electronic equipment (WEEE) industry sectors.

Ecobat describes itself as the world's largest recycler of batteries, with operations in the United States and Europe. While the company’s origins are in the lead-acid battery recycling sector, it has been investing to be involved in the electric vehicle battery and lithium-ion battery recycling process.