Re-Match files for a non-group based local restructuring in Denmark and discontinues its operations at the Herning factory
Herning, Denmark, 23 December, 2024 – Re-Match Holding A/S (“Re-Match” or the “Company”), a pioneer within sustainable recycling and circularity of artificial turf used for sports fields announces that it will discontinue operations at its factory in Herning, Denmark, and that its Danish subsidiary has filed for restructuring with the relevant authorities.
This restructuring process is limited to the subsidiary that manages the Herning site in Denmark. The rest of the Re-Match group is continuing its operations. The subsidiary employs 33 people.
Re-Match has made significant investments in its human capital, technologies and its patented operational capabilities, increasing its capacity to process artificial turf, in a circular and sustainable way. Re-Match is using these capabilities to help the artificial turf industry responsibly process used material that would otherwise end up in landfill or incineration, reducing the industry’s dependency on virgin petrochemical materials, and in turn reducing the industry’s lifecycle emissions and ecological footprint.
However, regrettably, the industry and tender system still does not fully or sufficiently incentivize municipalities and turf providers to recognize the value of circularity and to use the most effective circular solution to handle their used artificial turf. This is a comparative disadvantage to Re-Match due to its innovative and unique artificial turf circularity solution.
This decision to discontinue operations at the Herning facility follows an evaluation of the Company’s financial position, operational challenges, and the broader economic and industrial environment. The board and management of Re-Match continue to take the actions necessary to strengthen the group’s financial and operational foundations, positioning it to take advantage of a future that should increasingly value the positive economic and environmental impact Re-Match can have on the artificial turf industry.
Based on the restructuring filing for the Danish subsidiary, the management will work together with the appointed administrator of the process to explore the best ways to handle the assets and activities of the subsidiary in the interest of the creditors, employees and customers in the coming weeks.
“I highly regret the closure of our exceptional Danish operations and the difficult parting of ways with many of the highly capable, mission driven colleagues at our Herning site – we were all working towards a shared goal. We will continue to make every effort to achieve this goal, accelerating the sustainability transition of this industry” says Coen Rooijmans, CEO of Re-Match.
“Verdane continues to engage in continuous dialogue with the board, management, and employees of Re-Match, as well as relevant legal counsel, throughout this period of restructuring and processes related to the Company’s Danish subsidiary. We regret the situation, but continue to have strong belief in the mission of the company and will seek to support it throughout the process,” says Erik Osmundsen, Partner of Verdane, and a member of Re-Match’s board.
For further information, please contact:
Re-Match at info@re-match.com
About Re-Match
Re-Match is an artificial turf circularity provider headquartered in Herning, Denmark, where the Company also operates its first factory while the second, larger factory is located in the Netherlands. The Company’s patented recycling process enables used artificial turfs to be recycled and reused in a sustainable way. Re-Match sources worn-out artificial turfs, for which the Company is paid a gate fee. The Company then processes the turfs through its mechanical recycling process and subsequently sells the clean recycled output materials back to turf producers, installers as well as other industries – ready to be used in new production cycles.
