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An Italian family is selling most of its stake in an industrial waste disposal company to a private equity fund, in a deal that's being hailed as a sign of the country's shift to a circular economy.
The Orim family has controlled the company since 1982, when it began to recover raw materials, including rare earths and non-metallic materials, from industrial waste, reports the Wall Street Journal.
The new owner, Xenon Fund for Decarbonization and Circular Economy, says it plans to build a plant in Italy to recover those materials from spent batteries, reports the Local.
"The project would guarantee the possibility of obtaining a product free of harmful elements that can be marketed as a raw material in markets outside the European Union," says Xenon's Georg von Kriegsheim.
"Orim represents the only Italian company with this type of plant, capable of recovering non-precious metals and rare earths starting from exhausted catalysts through hydrometallurgical processes," he adds.
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Social Entrepreneurship
Spotlight
Influencing Social Good Through Retail
When Hannah Davis  traveled to China to teach English, she noticed how Chinese workers and farmers were often sporting olive green army-style shoes. Those shoes served as her inspiration to create her own social enterprise, Bangs Shoes.