S Norton & Co Ltd has purchased the entire share capital of Axion Recycling Ltd from the five individual, private investors who have owned Axion since July 2006.
This means that Axion Recycling Ltd and the business units trading as Axion Polymers and Axion Consulting are now a wholly owned subsidiary of the S Norton group.
On the same date Keith Freegard resigned from his position on the board as marketing director and terminated his full-time employment with Axion. Keith has made an amicable agreement with the new shareholders to continue working on key projects and areas where his experience and knowledge can provide most benefit, under a part-time consultancy agreement for the next 12 months.
Dr Roger Morton will continue as director with Axion. His role will not change. The rest of the management team at Axion Polymers will remain unchanged and the Axion Consulting staff will continue with business as usual on all projects and service contracts.
“We will continue to support the company policy and strategy for sales growth of all products, while at the same time increasing added-value and profitability. We look forward to a successful future based on this strengthened relationship.”
Customers, suppliers and Axion’s own staff will see no change in the way that business is carried out and the Axion team will carry on delivering service and products to their normal high standards of quality and performance.
The company will trade under the same name and all commercial transactions will continue in the same manner as before.
John Norton, Chairman of S Norton said: “We are pleased to announce this change in ownership of Axion Recycling because it clarifies and consolidates the working arrangements between S Norton and the Axion sites.
“We will continue to support the company policy and strategy for sales growth of all products, while at the same time increasing added-value and profitability. We look forward to a successful future based on this strengthened relationship.”
Keith said: “I am immensely proud of the sustainable business that the Axion team has created over the past 16 years and to have grown a successful company in the resource recovery sector that delivers the Circular Economy, today, while most organisations are only just beginning to think about it.
“The team of people running the process plants and recycling operations are very competent and well-motivated, so much so that my full-time input is no longer needed! This change in ownership further strengthens the long-term sustainability of the ‘grave-to-cradle’ business model that S Norton and Axion can deliver for UK industry and I am sure that growth in product output and new business developments will continue at a similar pace.”
He added: “I am happy to maintain an active link with the team at Axion through my part-time consultancy role and I also look forward to finding some new opportunities in the exciting waste resource recycling sector.”