Agreement

Votum clears the way for sale of PETCYCLE to GDB

| Business function | PETCYCLE GmbH | Bad Neuenahr-Ahrweiler | Germany

The shareholders of PETCYCLE GmbH and LOGICYCLE GmbH approved the sale of both companies to the Genossenschaft Deutscher Brunnen eG (GDB) with a clear majority of around 97 percent. Previously, around 92 percent of GDB members had already voted for the purchase in early May. This clears the way for the management of the pool systems of the German mineral wells for glass and PET reusable bottles and crates as well as for PET return bottles in reusable crates to be brought together under one roof.

The vast majority of PETCYCLE shareholders are also members of the GDB. With the vote, the industry sent a clear signal to efficiently manage the jointly operated packaging systems in our industry from a single source, ”explains Markus Wolff, CEO of the Cooperative of German Wells. GDB members as well as PETCYCLE shareholders would benefit from the fact that know-how and competence in packaging issues will be bundled in future and synergies created. “PETCYCLE is a pioneer in the circular economy and at the same time has the DNA of the mineral well industry to develop and operate solutions together. The transfer of PETCYCLE under the roof of the GDB is a logical step in the interest of the entire industry, ”emphasizes Hans Baxmeier, managing director of PETCYCLE.

In formal terms, the vote now meets all the requirements for notarizing the purchase contract. Both companies will continue to operate as GmbHs. Markus Wolff will take over the management of the companies. PETCYCLE managing director Hans Baxmeier had already declared early on that he would like to devote himself to other tasks in the future. The employees of PETCYCLE GmbH and LOGICYCLE GmbH will continue to be employed.

The Cooperative German Fountain (GDB) is the purchasing and service organization of the German mineral wells with around 180 member companies and a sales volume of around € 160 million in 2019. In addition to the trading business, an important part of its tasks is the management of the reusable pools of the German mineral wells. Every third bottle in the mineral water market is currently a GDB reusable bottle.

PETCYCLE was founded in 1999 by several medium-sized beverage manufacturers. The sustainable circulation system was one of the first reusable pool box systems with a closed recycling loop for one-way PET bottles. With just under 1.1 billion fillings and a market share of around 8 percent, PETCYCLE plays an important role in the market for mineral water and soft drinks.

www.petcycle.de






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