PARIS (Agefi-Dow Jones)–Car manufacturer Stellantis and Belgian metal recycling specialist Galloo announced on Monday that they had signed a memorandum of understanding to create a joint venture specializing in the recycling of end-of-life vehicles (ELVs).
This joint venture will work with a selection of approved processing centers which will collect ELVs from their last owners in order to enable the refurbishment, reuse and recycling of the various recovered parts, the two groups indicated in a press release.
The launch of activities is planned for the end of 2023 in France, Belgium and Luxembourg, before deployment throughout Europe. The joint venture will also offer its services to other automobile manufacturers.
The transaction will be finalized following the signing of final documents and will be subject to customary closing conditions as well as regulatory approvals.
-Pierre-Jean Lepagnot, Agefi-Dow Jones +33 (0)1 41 27 47 95; [email protected] ed: LBO
Agefi-Dow Jones The financial newswire
Dow Jones Newswires
June 05, 2023 08:25 ET (12:25 GMT)
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