TORONTO, ONTARIO--(Marketwire - Oct. 22, 2012) - StewardEdge and its shareholders have signed a letter of intent, subject to final legal agreements, to sell a majority of shares in the company to the Reclay Group. The transaction is expected to be completed by November 1, 2012. The primary objective of the deal with the Reclay Group is to better position both companies for growth. By joining forces with the Reclay Group, we will have an increased capacity to provide clients with a wider range of sustainability services across a broader range of geographic regions.
Recycling and the management of end-of-life products and packaging has quickly become a global enterprise with secondary materials flowing between continents. The shareholders of both StewardEdge and the Reclay Group recognize that we need to truly be a global company to better serve the needs of our clients. By combining our companies we will have the global reach along with a broader suite of services to grow our organizations into the future.
Derek Stephenson, StewardEdge President, stated that: "By joining forces we are able to better service our current clients as well as future clients whose needs increasingly span continents and not only states or provinces. We have a strong base of experience developing product stewardship and sustainability services for our clients."
Raffael Fruscio, Reclay Group shareholder said, "With the agreement of StewardEdge to join with us, the Reclay Group is taking an important step in the expansion of business activities globally. Combined with our own offices in Germany, Austria, Switzerland, Slovakia, the Czech Republic, Hungary and Slovenia, we are now able to offer transnational product stewardship solutions for our customers."
StewardEdge will continue to operate out of its Canadian and US offices and there are no anticipated changes for staff or operations. The integration of European, Canadian and US expertise will take place over the coming weeks and months.
StewardEdge Inc. is based in Toronto with offices in Manitoba, Canada and Florida, USA with additional staff located in other Canadian provinces and US states. A consultancy with deep experience and expertise in sustainability issues related to the end-of-life management of packaging and products, its principals have over 30 years of experience in the recycling and sustainability field. The company provides consulting and program management services related to product stewardship on behalf of clients in North America and internationally. StewardEdge USA Inc. is a wholly owned subsidiary of StewardEdge Inc.
About Reclay Group
The Reclay Group is a group of companies specializing in environmental and waste management services through its specialist subsidiaries. The Reclay Group, which is managed by main shareholders Martin Schürmann and Raffael A. Fruscio, employs 220 people at its sites in Cologne, Herborn, Berlin, Vienna, Rotkreuz/Switzerland, Bratislava, Brno/Slovakia, Budapest and Maribor/Slovenia. The Reclay Group currently provides consultancy services for over 3,000 companies from trade and industry and continues to grow. The corporate group generated turnover of around EUR 148 million in financial year 2011.