On May 21, Pyrolyx AG (Munich, Germany) announced the signing of the notarial purchase contract for its previously announced acquisition of cct Stegelitz GmbH, with closing expected in the near future. Both companies are producers of rCB (recovered carbon black) from proprietary technology. cct Stegelitz GmbH will be fully integrated into Pyrolyx AG, which will continue to invest in cct’s production site in Stegelitz in the German region of Saxony-Anhalt.
The acquisition of cct will be financed by issuance of Pyrolyx AG convertible bonds and a cash capital increase with an issue price of EUR 103.00 per share. As part of the transaction, cct shareholders shall be issued 104,000 shares of Pyrolyx through a capital increase in kind, representing approximately 16% of the fully diluted and outstanding Pyrolyx shares at closing.
Pyrolyx AG intends to construct Pyrolyx production facilities in Stegelitz alongside the existing cct plant. Over the next 3 years, Pyrolyx AG plans to invest approximately EUR 30 million into the construction of production capacities to establish the world’s largest environmentally sustainable producer of recovered carbon black from end of life tires.
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