Thomas Ballegaard has returned to a business closely linked to the tyre industry. Just over a year after parting ways with STARCO, he has taken on the role of chief commercial officer at end-of-life tyre recycling specialist Genan. He joined the Genan team on 1 March, taking overall responsibility for European Sales as well as for global marketing and product management.
Denmark-based end of life tyre recycler Genan Holding and Portuguese transport and construction equipment solutions provider Nors have signed a definite agreement for Genan to acquire Nors’ subsidiary, BioSafe – Indústria de Reciclagens, S.A., operator of Portugal’s largest tyre recycling plant. The transaction is expected to close at the end of this month, adding a sixth tyre recycling plant to Genan’s global footprint.
Danish pension fund PKA, accountancy firm Deloitte and a group of four bank lenders have signed an agreement to secure the future of tyre recycling company Genan. This agreement aims to safeguard jobs and ensure Genan’s continued existence. At the same time, a new chairman of the Genan Board of Directors has been instated.
The losses Danish pension fund administrator PKA has incurred through its investment in recycler Genan may be even higher than previously thought. On 29 August, the Jyllands-Posten (Jutland Post) shared new evidence that indicates PKA’s losses to be Kr 1 billion (£106.2 million), rather than the Kr 830 million that PKA had calculated. If this new figure accurately reflects the loss PKA has incurred due to its involvement in the tyre rubber recycler, then it represents a loss of Kr 3,800 (£403) for each of the pension fund administrator’s 260,000 members.
Bent Nielsen is no longer a shareholder in the tyre recycling company he set up after Denmark’s PKA (Pensionskassernes Administration A/S) acquired his 52 per cent stake in Genan yesterday; with this added to its existing 48 per cent share, Genan is now firmly in the pension fund administrator’s hands – but today PKA allegedly claimed that both Genan and Nielsen have duped it over a number of years.