COSELEY - Mitsubishi Corporation has completed its acquisition of 25% of shares in the UK's ELG Carbon Fibre (ECF).
Under the agreement, MC will use its existing resources to promote the sales and marketing of ECF recycled carbon fibre products and accelerate the global expansion of ECF’s recycling operations.
By uniting ELG Haniel’s advanced technology and proficiency in the metals reprocessing industry, ECF’s know-how regarding carbon fibre recycling and MC’s global network and broad interface with different industries, the companies say they can now enhance their global business development and reliable supply of reprocessed carbon fibre.
ECF is the first company in the world to have established stable commercial production of reclaimed carbon fibre, supplying to markets such as the automotive, electronics and wind energy markets.
Frazer Barnes, ECF’s Managing Director, said: "This transaction demonstrates our commitment to driving shareholder value and developing the business on a global scale. With the strong support of MC, we have already actioned our integration plans to achieve profitable and sustainable growth targets and are confident in our ability to achieve these goals. This agreement provides valuable resources to support ECF’s continued expansion and strengthens our position within the Asian and North America markets.”
The shareholders of ECF will become ELG Carbon Fibre International GmbH (ECFI), a 100% owned subsidiary of ELG Haniel GmbH in Germany and MC.