Company

General Information

The foundation of the Hellenic Recovery Recycling Corporation (HERRCO) in December 2001 was an initiative of Greek undertakings engaged in the packaging production and marketing of packaged products, aimed at effectively responding to their legal obligation to Recycle their packaging waste, through the management of their resources, within the framework of national and European legislation.

In response to these needs and according to the provisions of Law 2939/01, HERRCO has developed and operates the Collective Alternative Management System – RECYCLING (CAMS – RECYCLING) throughout Greece, based on six-year business plans which are approved by the competent authorities.

HERRCO is a particularly successful example of cooperation between packaging product producers or importers that are available in the Greek market and in the country’s Local Authorities (OTAs), who are legally the competent bodies for the collection of municipal waste.

Regarding its shareholder structure, 35% of the shares belong to the Central Union of Greek Municipalities (KEDE), while the rest are owned by industrial and commercial enterprises which, according to law, obliged to ensure the collection and the recovery of their product packaging.

HERRCO’s operates a public benefit non-profit undertaking, as provided by the current legal and regulatory framework.

Shareholder Structure

The Central Union of Greek Municipalities (KEDE) has a 35% stake in the System’s share capital and is represented in the 9-member Board of Directors of HERRCO with 3 members. Industry and trade undertakings that supplement HERRCO’s shareholder structure and participate through the Packaging Material Recovery (AYS) company are:

COCA-COLA 3Ε HELLAS SA
COLGATE PALMOLIVE (HELLAS) SINGLE-MEMBER SA
CHIPITA SA
CROWN HELLAS CAN ΒΙΟΜΗΧ. ΕΙΔΩΝ ΣΥΣΚ. SA
ION SA
NESTLE HELLAS SINGLE-MEMBER SA
PEPSICO HELLAS SA
VIVARTIA HOLDING SA
ATHENIAN BREWERY SA
ELAIS-UNILEVER HELLAS SA

ELVALHALCOR SA
MACEDONIAN MILK INDUSTRY-MEVGAL-SA
PAPASTRATOS SA
PROCTER & GAMBLE HELLAS SINGLE-MEMBER LTD
TETRA PAK HELLAS SINGLE-MEMBER LTD
BA GLASS GREECE SINGLE-MEMBER FAGE HELLAS DAIRY INDUSTRY SINGLE-MEMBER SA
FRIESLANDCAMPINA HELLAS SA
KLIAFAS SA

Basic Principles of Operation

• Liable producers’ open participation in the share capital under the same terms

• Same contract for shareholders and non-shareholders

• Ability to sign a contract with every interested producer

• Does not aim at a profit, but the optimal use of the allocated resources – No dividend is distributed

• Close cooperation with OTAs

• Equal treatment of packaging materials