June 5, 2023
Stellantis and Galloo to Form Joint Venture for End-of-Life Vehicle Recycling
- Joint venture will provide recycling services to manage End-of-Life Vehicles for Stellantis and other automakers
- Service expected to launch in late 2023, with an initial focus on France, Belgium and Luxembourg, then expanding across Europe
- Recycling is a key activity inside the circular economy business model outlined in the Stellantis Dare Forward 2030 strategic plan
AMSTERDAM – Stellantis N.V. and leading metals recycler Galloo today announced they have signed a Memorandum of Understanding to enter into exclusive negotiations to form a joint venture focused on End-of-Life Vehicle (ELV) recycling as part of the automaker’s continued commitment to build its circular economy activities.
The Stellantis-Galloo joint venture will work with selected Authorized Treatment Facilities to collect ELVs from the last owner, enabling the recovering of parts for reuse, remanufacturing, and recycling. The service is expected to launch at the end of 2023 with an initial focus on France, Belgium and Luxembourg, and then expanding across Europe. The joint venture will offer its services to other automakers.
“Making it easy for customers to recycle their End-of-Life Vehicles is a crucial element to reduce the environmental impact of our vehicles,” said Alison Jones, Stellantis Senior Vice President for Global Circular Economy. “Returning parts and materials to the value chain preserves scarce resources and helps our drive to reach carbon net zero by 2038. We look forward to implementing the program this year and quickly expanding.”
“We are delighted to announce a new step forward in our long relationship first with Peugeot and Citroën, and now Stellantis, as we continue to lead the way in sustainable and responsible business by taking End-of-Life Vehicle recycling to a next level,” said Rik Debaere, Galloo CEO. “Together with Stellantis, we are driving innovation and ensuring a more sustainable future for all.”
Recycling is an integral part of the Stellantis Circular Economy Business Unit’s 4R strategy – Reman, Repair, Reuse, Recycle. The ELV recycling program will contribute to increasing recycling revenues 10-fold and parts revenues 4-fold by 2030, as compared to 2021, and the target to generate more than €2 billion in revenues in 2030, as outlined in the Stellantis Dare Forward 2030 strategic plan. The ELV recycling program also supports the Stellantis goal of having 40% green materials in new vehicles by 2030.
The transaction is subject to agreement on definitive documentation and customary closing conditions, including regulatory approvals.
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world’s leading automakers and a mobility provider. Its storied and iconic brands embody the passion of their visionary founders and today’s customers in their innovative products and services, including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, Fiat, Jeep®, Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Powered by our diversity, we lead the way the world moves – aspiring to become the greatest sustainable mobility tech company, not the biggest, while creating added value for all stakeholders as well as the communities in which it operates. For more information, visit www.stellantis.com.
Founded in 1939, Galloo has become a leading player and innovative partner in the circular economy. Through an extensive network of 42 subsidiaries (BE, FR, NL) we manage the recovery, maximum transformation and re-use of metals (ferrous and non-ferrous) and certain types of industrial plastics for the global quality materials industry.
Every year, Galloo gives a second life to more than 1 million tonnes of steel and more than 60,000 tonnes of metals, and 35.000 tons of technical plastics, ensuring an environmental impact as low as possible.
Visit www.galloo.com or contact us via firstname.lastname@example.org.
STELLANTIS FORWARD-LOOKING STATEMENTS
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