Hazardous waste collection and processing company Eko Osta becomes Oil Recovery as a result of reorganization
Latvia's leading hazardous and environmentally harmful waste collection and recycling company, Ltd. (SIA) Eko Osta, which was fully acquired this year by JSC (AS) Eco Baltia, has been merged with Oil Recovery as of December 28 following a reorganization and will continue operations under its new name.
The acquisition of Eko Osta in October of this year was carried out through Eco Baltia group’s subsidiary Latvijas Zaļais punkts and its affiliated company, Oil Recovery. In December, a reorganization was completed, merging Eko Osta and Oil Recovery into a single entity that will continue operations under the "Oil Recovery" brand. The newly unified company will maintain its existing services in hazardous and environmentally harmful waste management. No changes are planned for the existing cooperation agreements and commitments with clients and partners.
Jānis Aizbalts, Head of the Environmental Sector at Eco Baltia Group, stated:
"Environmental sustainability is a continuously evolving process. We strive to offer a broader and more diversified portfolio of waste management and recycling services. Integrating a hazardous and harmful waste management company into the Eco Baltia group has allowed us to significantly expand our service offering, particularly in areas that have previously been challenging to address on a national scale.”
Oil Recovery (formerly Eko Osta) specializes in hazardous and environmentally harmful waste management and recycling, including the collection, transportation, treatment, and recycling of oil-contaminated wastewater, as well as environmental remediation and quality monitoring. The company also manages ship-generated waste in key Latvian ports, including Riga, Skulte, Salacgrīva, Engure, Lielupe, Mērsrags, and Roja, specifically focusing on the treatment of oil-related waste. Additionally, Oil Recovery collaborates with producer responsibility systems in Latvia, ensuring compliance with national regulations for the collection and recycling of hazardous and environmentally harmful waste.
Nauris Bertmanis, Chief Executive Officer of Oil Recovery, states: “Our goal is to establish this company as a stable and sustainable leader in the industry. The first steps include rebranding to align the company's identity more closely with the international market - a key focus of our long-term strategy. Building on the services previously provided by Eko Osta, we plan to significantly expand our activities in the management of polluted water and the recycling of used oils under the Oil Recovery brand. To achieve these goals, we expect to invest approximately €1 million over the next year.”
About Oil Recovery (formerly Eko Osta)
Oil Recovery (formerly Eko Osta) is a leading hazardous and environmentally harmful waste management and recycling company. Originally established as Eko Osta in 1999, the company was reorganized and renamed Oil Recovery in 2024 following its acquisition by Eco Baltia. The company employs over 50 professionals, and its 2023 revenue reached €7.8 million.
About JSC Eco Baltia
Eco Baltia group is the largest environmental and waste management group in the Baltics, providing the full-cycle waste management solutions from waste collection and sorting to secondary raw material logistics, wholesale and raw material processing as well as PET and PE/PP plastics recycling.
Eco Baltia closed 2023 with a consolidated turnover of EUR 218.4 million, an increase of 4% compared to 2022. Eco Baltia's total combined sales revenue (pro-forma) in 2023 amounted to EUR 242.5 million.
The Group has more than 2.700 employees in Latvia, Lithuania, Poland and the Czech Republic. Its leading companies are ITERUM JSC (until 6 June 2024 - PET Baltija), Eco Baltia vide, Latvijas Zaļais punkts, Nordic Plast, JUMIS, Sigulda, TESIL Fibres, TESIL Fibres, UAB Ecoservice, based in Lithuania, and, from November 2023, Metal Plast, based in Poland, and from October 2024, Eko Osta, in Latvia.
The shareholders of Eco Baltia are the private equity fund INVL Baltic Sea Growth Fund (52.81% through UAB BSGF Salvus), the European Bank for Reconstruction and Development (30.51%) and Māris Simanovičs (15.93% through SIA Enrial Holdings and 0.75% through Penvi Investment Ltd).
Additional information:
Alise Zvaigzne
Eco Baltia
Head of Public Relations
Phone +371 28780467
alise.zvaigzne@ecobaltia.lv
www.ecobaltia.lv
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