GlyEco yesterday announced that it has completed a preliminary agreement to acquire certain assets of Renew Resources, LLC, a leading provider of recycling services in Rock Hill, SC.
Renew Resources is a privately held company that provides recycling services for multiple types of industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics, and batteries. The company also provides a unique line of equipment used in changing automotive antifreeze. The transaction is scheduled to close July 31, 2012.
Renew Resources services approximately 200 customers in the greater Charlotte, SC, area. Under the agreement, GlyEco will purchase certain assets of the antifreeze recycling business. Mr. Todd M. Bernard, Renew's founder, will continue to operate the facility with his current staff.
"The agreement with the Renew Resources group will be another great addition to our team," said John Lorenz, GlyEco's Chairman and CEO. "Mr. Bernard is very creative and inventive, he has designed and built most of the Renew Resources recycling facility himself. He leads a professional, upbeat group with an outstanding customer service ethic."
This preliminary agreement is the GlyEco's sixth acquisition announcement in 2012. The company is rapidly expanding operations by continuing to strategically acquire assets of existing, profitable glycol recycling businesses that process waste antifreeze. The company believes each facility will increase market penetration when enabled to process additional types of waste glycol.
Demand continues to exceed supply for ethylene glycol, largely because of explosive growth in poly fiber manufacturing to make clothing, plastic containers, and plastic beverage bottles. This growth trend is expected to continue well into the future.
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