Polyolefins group Braskem (São Paulo, Brazil; www.braskem.com) has agreed to buy 61% of mechanical recycler Wise Plásticos (São Paulo; www.wise.eco.br) for approximately BRL 121 mn (EUR 23.2 mn), subject to approval by competition authorities. Following completion of the deal, Braskem would effectively double its capacity for recycling plastics waste to 50,000 t/y by 2026.

Related: Braskem plans to acquire Dutch recycler ER Plastics

Wise Plásticos plans to ramp up activities in recycling polypropylene resins-using caps, housewares, home appliances and in HDPE-using packaging for personal and home care, cosmetics, and corrugated tubing. Once the Braskem deal has been approved, Wise plans to retain its own management and workforce.

In May, Braskem reported a 30% fall in first-quarter recurring EBITDA, citing costs that rose faster than revenue growth (see Plasteurope.com of 24.05.2022).