Crain News Service report
VIBORG, Denmark (Feb. 27, 2015) — Danish recycling firm Genan Business & Development A/S — which last year opened a $140 million tire recycling plant in Houston — has arranged funding from a group of European banks and investors to secure the firm's existence.
At the same time, Genan has hired Peter Thorsen to be chairman, replacing the departed Jens Kampmann. Mr. Thorsen, a Dane with executive experience at a number of Danish enterprises, said he looks forward to the “challenging task of strengthening and further developing Genan's market position.”
Pensionskassernes Administration A/S (PKA), a Danish pension fund that owns 97 percent of Genan since last summer, negotiated the funding deal with four European banks and the accounting firm Deloitte Touche Tohmatsu Ltd. PKA did not identify which banks are participating or the scale of funding being provided.