Scandinavian Enviro Systems in a Strategic Partnership with Michelin
The Board of Directors of Scandinavian Enviro Systems (Enviro), has under a letter of intent regarding a long-term strategic partnership with the French global tyre manufacturer Michelin, resolved to conduct a private placement of approximately MSEK 32.5, by which Michelin (through its wholly-owned subsidiary Michelin Ventures SAS) will subscribe for shares in Enviro corresponding to holdings of 20% per cent after the issue. The strategic partnership is intended to include, among other things, the establishment of a jointly owned recycling plant for end-of-life tyres and joint development work to expand the possibilities for the materials that are recycled using Enviro’s technology.
The placement is expected to be completed by April 29, 2020, at the latest.
A final agreement on the strategic partnership is expected to be signed about mid-year 2020.
The full article will be available in Tyre and Rubber Recycling 2020 Issue 2.