Metals recycling company S Norton & Co has purchased the entire share capital of Axion Recycling for an undisclosed fee.
The move means that Axion Recycling and the business units trading as Axion Polymers and Axion Consulting are now a wholly owned subsidiary of the Liverpool-based S Norton group.
This follows on from the £3 million majority share acquisition of Axion in 2006, which saw the two companies jointly-operate the Trafford Park shredder waste advanced processing plant (SWAPP).
Resignation
The S Norton recycling site at Trafford Park, Manchester, is jointly operated with Axion
Axion’s former marketing director Keith Freegard resigned from his position on the same day the takeover was announced and has made an “amicable agreement” with the new shareholders to continue working on projects under a part-time consultancy agreement for the next 12 months.
S Norton say the rest of the management team, including director Roger Morton, will remain unchanged and customers and staff will see no change in “how business is carried out”.
In a statement, Keith Freegard was full of praise for the team. “The team of people running the process plants and recycling operations are very competent and well-motivated, so much so that my full-time input is no longer needed!” he explained.
“This change in ownership further strengthens the long-term sustainability of the ‘grave-to-cradle’ business model that S Norton and Axion can deliver for UK industry and I am sure that growth in product output and new business developments will continue at a similar pace.”
Axion
Axion works with a wide range of clients, from Government agencies and local authorities to companies in commercial sectors, on the practical development of new processing and collection methods to recover value from waste resources.
Recently, its projects include looking into using more aluminium content for new cars and launching a packaging design service.
The acquisition from S Norton comes nine months after it reported a return to profit in the year to December 2016 after what it described as ‘poor results’ the previous year.
The company reported a profit of £23.9m in 2016 (the latest available figures), compared to a loss of £27.7m in 2015.
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Source: letsrecycle.com Metal
