LYNNFIELD, MASS.—GreenMan Technologies Inc. and Cambridge Recycling Technologies Inc. jointly will build multisite tire recycling plants under a recent agreement. GreenMan will supply the land and scrap tire feedstocks. Cambridge Recycling will add its technology, design innovations and marketing know-how, as well as financial backing for the new facilities.
As many as five plants may be built. Construction of the first facility is slated to begin this summer, with an opening date sometime in the spring of 1999.
Once completed, the new plant will process more than 1.5 million tires annually. The new plants will extract commodities like benzene, carbon black and steel from tires using a proprietary processing technology.
``This joint venture represents a great opportunity to extract...high-value, higher-margin end products from scrap tires,'' said GreenMan CEO Bob Davis. ``The commodities produced address a number of large and growing markets, further expanding GreenMan's diversification into a number of new revenue streams with more value per tire.''
``The advancements in recycling technologies have led to a paradigm shift, whereby recycling entities are no longer feel-good enterprises but rather sustainably profitable businesses,'' Cambridge Recycling President Paul Brauer added. ``We are confident that the synergy between GreenMan and CRTI will enable this joint venture to become a leader among this new breed of highly profitable recycling companies.''
GreenMan's recycling operations transform scrap tires and plastics into industrial and consumer goods. They convert used rubber into metal-free chips for use by civil engineers and developers of alternative fuels, produce crumb rubber for both internal and external purposes and make a super-fine crumb rubber powder for use in both asphalt and modified-crumb-rubber applications.
They also produce their own proprietary GEM-Stock, a raw material composed of recycled plastics and tire rubber. GreenMan uses GEM-Stock in its end-user products in addition to marketing the raw substance to other companies.
GreenMan also makes and markets wear-resistant ceramics, polymer composites and alloy-steel products at its Dura Wear subsidiary.
``It'll be like a recycling campus, where GreenMan's raw products can be transformed by Cambridge's technology,'' said Cindy Barker, GreenMan director of corporate administration.