Annual rank10
Belgium · Basic Materials
Campine
Campine recovers metals and is a producer of antimony trioxide and flame-retardant masterbatches.
FY2022–FY2025
FY2022–FY2025
FY2022–FY2025
current context only
Company profile
From discarded batteries to metals, chemicals and engineered plastics
Campine is a Belgian industrial group that links battery recycling, metals recovery, antimony chemistry and recycled polypropylene. Its two divisions, Circular Metals and Specialty Chemicals, share recovered materials and technical know-how across six manufacturing sites in Belgium and France. The result is an unusual chain that can move from waste batteries and complex residues to lead alloys, antimony trioxide, flame-retardant formulations and engineered rPP compounds.
Circular metals
Recover the battery, then refine each useful fraction
Campine says its circular-metals system keeps more than 10 million lead-acid batteries from landfill each year. Batteries are separated into lead, plastics and other fractions; Beerse refines lead into pure metal or customer-specified alloys, while metals recovery extracts antimony, tin and precious-metal-bearing material. The 2025 French acquisition also added lead anodes and other customised semi-finished products.
- Follow the battery loop Breaking, separating and returning lead and polypropylene to production
- See high-purity lead and alloys Refining secondary feedstock into lead products at Beerse
- Recover more metals from residues Lead, antimony, tin and precious-metal-bearing streams
- ▶ VideoWatch lead recovery and casting Language-neutral Campine plant film embedded on its English product pages
Antimony chemistry
Put fire-safety chemistry inside everyday products
Campine reports 18,000 tonnes of annual antimony trioxide capacity and says roughly 15% of its antimony supply comes from proprietary recycling, using up to 90% less energy than primary production. The chemistry appears in fire-safety systems for textiles, vehicles, construction and electrical products, as well as PET catalyst and pigments. Customers can buy powders, dust-reducing packs, dispersions or polymer masterbatches.
- Explore flame-retardant applications Textiles, vehicles, construction, electronics and artificial turf
- Use a ready-to-dose masterbatch Tailored polymer carriers, compositions and particle sizes
- See antimony in PET production Extra-pure catalyst grades for a stable polymerisation reaction
- ▶ VideoWatch antimony and plastics production Language-neutral Campine film on plant, laboratory and product handling
Recycled polypropylene
Engineer new compounds from bumpers and battery cases
Campine recycled Polymers, a French subsidiary added with selected Recylex assets in 2022, turns bumpers, battery cases, bottle caps and production scrap into engineered rPP. Feedstock is analysed, sorted, shredded, extruded at 260 degrees Celsius and compounded into more than 70 grades for automotive, construction, horticulture, packaging and industrial equipment. The operation dates to 1988 and introduced recycled polypropylene to automotive applications in 1994.
- Walk through the rPP process Collection, sorting, shredding, extrusion and compounding in Arnas
- Open the compound range Standard, impact-modified, filled, coloured and automotive grades
- Read how the French platform began Campine's purchase of selected Recylex recycling assets in 2022
Industrial footprint
Connect six plants across Belgium and France
At 31 December 2025 the group reported six manufacturing sites: Beerse in Belgium and Arnas, Escaudoeuvres, Bazoches-les-Gallerandes, Pont-Sainte-Maxence and Estrées-Saint-Denis in France. The September 2025 transaction added two battery-recycling plants and one downstream lead-products plant, with more than 70,000 tonnes of battery-shredding capacity. It excluded lithium-ion collection and sales or distribution of new lead-acid batteries. The Beerse site's industrial roots reach back to 1899.
- Read the current group map Six manufacturing sites, two divisions and the enlarged French platform
- Inspect the 2025 acquisition boundary Three industrial plants added and the activities explicitly excluded
- See the circular operating model How in-house recovery connects waste to new industrial inputs
- Trace the Beerse industrial roots From the 1899 site to lead, antimony and circular materials
Official profile sources: Metal recycling | Campine · About Campine · Campine | Sustainable waste treatment for new raw materials
Current 2026 update
What is changing at Campine in 2026?
Campine is integrating three French lead-and-battery plants, investing in additional antimony recycling and has signed a separate, still-unclosed agreement to acquire Flamaway’s flame-retardant formulations business. H1 metal-price normalisation reduced revenue even as management reported resilient EBITDA.
The change in one sentence
The strategic asset is access to local industrial feedstock.
The enlarged French platform adds battery, lead and plastic flows, while proprietary antimony recovery reduces dependence on mined metal. The value lies in connecting waste streams to saleable materials, not simply in higher commodity prices.
Four lenses on 2026
The same four-quadrant format used in the Company profile.
01 · The French platform
Three acquired plants extend the chain from batteries to specialised lead products
The 2025 Ecobat acquisition added two French battery-recycling sites and Le Plomb Français, a downstream lead-products plant. The acquired footprint includes battery shredding capacity above 70 kilotonnes, seven rotary furnaces, refining and nearly 20 kilotonnes of downstream processing capacity. By its 26 March release, Campine said operational synergies had begun, with further efficiencies expected during 2026.
- Current signalThree plants · more than 70kt battery shredding
- Why it mattersCampine can connect collection, smelting, refining and customised products across Belgium and France, but the unused-capacity and integration opportunity still has to become measured throughput and margin.
- 2026 outlook Campine · 2026-03-26
- French acquisition Campine · 2025-10-01
- Annual report Campine · 2026-04-24
02 · Antimony and formulations
Lower metal prices meet a planned flame-retardant diversification
Campine said its average antimony metal price in H1 2026 was about 50% below H1 2025, contributing to a 22% fall in group revenue to EUR 298 million; EBITDA fell 12% to EUR 47.2 million. The company still plans a EUR 7 million recycling investment targeting 800–1,000 additional tonnes of commercial-grade antimony metal per year from mid-2027, which is future capacity. On 8 September it signed an agreement to acquire Flamaway Group, which produces about 10,000 tonnes of flame-retardant compounds annually across Belgium, the UK and China. Campine says the proposed combination would increase its flame-retardant sales volume by more than 50% and broaden formulations beyond antimony trioxide. Closing was planned for 1 October 2026; at the 28 September cutoff it is not completed, and no synergy is realised.
- Current signalH1 antimony price roughly halved year on year · Flamaway closing planned 1 October
- Why it mattersRecycling capacity and broader chemical formulations address different parts of the antimony-price risk, but neither the future plant nor pending acquisition is current consolidated output.
- Campine 2026-03-26
- Campine 2025-12-18
- Campine 2026-09-01
- Campine 2026-09-08
03 · The plastic loop
Battery cases provide an internal feedstock when recycling markets are weak
Cheap virgin polymer and imports hurt European recyclers in 2025. Campine said its integrated model supplies significant plastic scrap from battery operations and linked that advantage to a 32% increase in sales volumes at Campine recycled Polymers (CrP). For 2026, Campine said higher polypropylene prices and European customer preference for local supply were supporting the activity.
- Current signal+32% CrP sales volume
- Why it mattersOne waste stream can feed CrP's compounds, reducing reliance on external scrap markets while keeping the business exposed to polymer prices and customer specifications.
- 2026 outlook Campine · 2026-03-26
- Annual report Campine · 2026-04-24
- Recycled polypropylene Campine · checked 2026-08-28
04 · What to watch
Three questions for the next disclosures
Three operating tests show whether circular integration is becoming repeatable economics.
- French integrationDo the acquired plants disclose higher utilisation, cross-site efficiencies or new downstream products rather than only planned synergies?
- Antimony and FlamawayDoes the planned Flamaway closing occur, and do future reports separate its flame-retardant contribution from antimony prices and the mid-2027 recycling investment?
- The plastic loopDo internal battery-case feedstock and demand for local supply support CrP volumes and margins when virgin resin and imports remain competitive?
Annual record
Ranking history
Future editions add rows; they do not rewrite the 2026 record.
| Edition | Measurement period | Rank | Revenue growth | Net-income growth | Stock return |
|---|---|---|---|---|---|
| 2026 | FY2022–FY2025 | 10 | +141% | +258% | +409% |