Paul Depuydt is Sibelco’s new chairman. Image: Sibelco Group
Sibelco has revealed two key changes to its board and wider business which will form a major part of its strategy moving forward.
The company has recently announced the acquisition of North American-based Strategic Materials Inc (SMI) and the elevation of Paul Depuydt to board chairman.
The acquisition of SMI marks Sibelco’s entry into the North American glass recycling sector and expands its presence beyond Europe in that space. The acquisition includes SMI’s 42 plants and office locations across the United States, Canada, and Mexico, which process two million metric tonnes annually.
“We are excited that our offer to acquire SMI has been accepted. This transaction, once completed, will significantly strengthen and expand our operating footprint in North America with a resilient, key mineral platform at scale,” Sibelco chief executive officer Hilmar Rode said.
“The inclusion of a major glass recycler in North America into the Sibelco group will be an important step in the development of our activities in this segment outside of Europe, positioning Sibelco as a glass recycling leader in both Europe and North America.
“We see significant opportunity to develop the SMI business further, which should provide our customers with better access to quality products over time.”
SMI chief executive officer Chris Dods welcomed the move.
“SMI could not have found a better match. Bringing together two long-standing glass recycling leaders from two different continents will elevate SMI’s operational capabilities and product offerings, ensuring continued longevity for our people, partners, and planet,” he said.
Sibelco is a global materials producer. Image: Sibelco Group
It comes on the back of Sibelco spending significantly to expand its business portfolio. In 2022, the company spent $49 million via shares and project investment in Australian mineral and silica mines developer Diatreme.
It follows a major shift in the company’s board composition with Depuydt revealed as the new chairman to succeed long-time chairman Bert De Graeve.
De Graeve will end his tenure at the April general meeting after nine years in the position which started in May 2015.
Depuydt, who was previously Ravago Group’s chief financial officer and chief operating officer, has been on the Sibelco board since May 2023. He also holds board positions with De Eik, Televic, WeAreOneWorld, and Alides and several advisory positions.
The Sibleco shareholders’ meeting also confirmed Maxime Jadot, Séverine de Sadeleer, Curd Vandekerckhove and Paul Cornet de Ways-Ruart as new board members.
“We are delighted to welcome Paul and our new board members at such an exciting and challenging time for Sibelco,” Rode said.
“Their skills and experience will undoubtedly support our ongoing transformation and journey to become the world’s leading industrial minerals company.
“I would like to express my sincere thanks to Bert De Graeve and other retiring board members, whose leadership and guidance over the past years have been invaluable for Sibelco.”
Subject to receipt of U.S. regulatory clearances and the satisfaction of other customary closing conditions, the transaction is expected to close towards the end of Q2 2024 or early Q3 2024.
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