Pipe firm Soleno adding specialty recycling in Plastiques VPC deal
Canadian plastic pipe supplier Soleno of McAdam, New Brunswick, has acquired Plastiques VPC, a start-up recycler specializing in the recovery of oil-contaminated plastics.
In a May 12 news release, officials with Soleno said that the recycling industry "is a key sector to tackle climate change, which makes this acquisition even more important."
They added that the acquisition "will also position [the region] advantageously in the recycling industry and will demonstrate its leadership in the fight against climate change." No purchase price was disclosed.
Plastiques VPC is a recycler based in St. Henry de Levis, Quebec. Soleno officials said that annually in Quebec and Canada's Atlantic Provinces, more than 3.5 million kilograms of oil and antifreeze containers can be recycled. They added that by acquiring Plastiques VPC, Soleno will be the only company in Eastern Canada able to recover materials from these territories in a fully integrated manner.
"Soleno will now be able to serve waste management and hazardous material management companies, mechanical service retailers, hardware stores, and agricultural businesses," officials said.
Soleno President Alain Poirier said in the release that the acquisition "is a great step forward for us and the entire recycling sector, knowing that these contaminated plastics will have a second life in sustainable products made by Soleno."
The company added that the COVID-19 pandemic "has highlighted Canada's heavy dependence on foreign supply, in many sectors, plastic supply being no exception."
"It is with this idea in mind that Soleno wants to develop innovative projects based on circular economy which has been the core of all their practices for many years," officials said.
Soleno's business focus is on high density polyethylene (HDPE) pipe for stormwater applications. The firm also is one of the largest recyclers of HDPE in Eastern Canada. Soleno employs 500 at nine sites in Canada.
In 2020, Soleno had estimated pipe sales of $40 million, according to the most recent Plastics News ranking of North American pipe, profile and tubing firms.