DEAL ANNOUNCEMENT / PRESS RELEASE
January 30, 2024
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Frankfurt, January 25, 2024 – McDermott Will & Emery has advised the Korean HYUNDAI Corporation on the acquisition of a strategic stake in FLAXRES GmbH, headquartered in Dresden, Germany, from FLAXTEC GmbH. Both companies have been portfolio companies of the German-Dutch management holding company econnext AG since 2021.
FLAXRES GmbH, founded in 2017, is a technology provider for the pure separation of composite materials, in particular for the recycling of photovoltaic modules.
HYUNDAI Corporation was established in 1976 as an import and export trading house of HYUNDAI Group. It has grown as a representative general trading company in Korea with excellent results in international trade focusing on heavy chemical products, overseas investment, and energy & resource development fields.
The McDermott team was led by partner Florian Lechner and counsel Christian Marzlin and comprised partners Heiko Kermer, Steffen Woitz and Deniz Tschammler, counsel Laura Stammwitz as well as associates Lisa Schickling, Sönke Wassermann and Alexandra Heberle.
