SOPREMA Acquires 3% Stake in Ecoslops

SOPREMA has acquired a 3 percent stake in Ecoslops.

France-based Ecoslops, which recycles ship slops into IFO and MDO bunkers, Monday announced that SOPREMA has acquired a 3 percent stake in the company.

The news comes as part of an announcement of the intention of Michel Pingeot, Chairman of Ecopslops' Board of Directors, to stand down from the role, effective November 15, 2016, having divested his 3 percent stake in Ecoslops to SOPREMA.

"Michel Pingeot is behind the innovation that enabled the Company to be created. He was the driving force during the construction and launch of the first industrial site in Sinès, Portugal," said Ecoslops.

"He deserves wholehearted thanks for the vision he has deployed and the energy he has provided to this innovative project, which has made it possible to design a truly technical, commercial and sustainable solution to the processing of ship-generated hydrocarbon residue."

The Board of Directors at a meeting Monday, agreed to appoint Vincent Favier, Ecoslops' current CEO, as the new Chairman of the Board, effective November 15, 2016.

Pierre-Etienne Bindschedler, SOPREMA group President, is also said to have been co-opted as a Board member by the Board of Directors, effective the same date, pending the ratification of his appointment by a shareholders' meeting to be held in 2017.

Ecoslops notes that, in order to continue to benefit from Pingeot's expertise, his name will be put forward as censor and Honorary Chairman of the Board.

In September, Ecoslops announced it had signed of a memorandum of understanding (MoU) with Total S.A. (Total), which will see the two companies partner to develop a new processing unit in La Mède, near Marseille.