Abu Dhabi’s investment vehicle, the Mubadala-owned petrochemicals company Borealis, has announced it has acquired an Austrian plastics recycling firm.

Vienna-based Borealis announced it has completed the buy-out of 100 per cent shares of Ecoplast Kunststoffrecycling (Ecoplast).

The transaction is now subject to regulatory approvals, Borealis said in a press release. It did not reveal how much the acquisition is worth.

Based in Wildon, Austria, Ecoplast processes around 35,000 tonnes of post-consumer plastic waste from households and industrial consumers every year, turning them into high-quality high-density polyethylene and low-density polyethylene recyclates, primarily but not exclusively for the plastic film market.

Mubadala Investment Company is the majority 64 per cent shareholder in Borealis, with the remaining 36 per cent is owned by Austrian energy firm OMV.

The Abu Dhabi National Oil Company (Adnoc) and Borealis are joint-owners of Ruwais-based petrochemical giant Borouge.