MONTREAL (July 25)—Tire recycler Tirex Corp. has signed a memorandum of understanding with Crioengineering S.R.L., a Turin, Italy-based firm, toward an agreement within the next two months for Crioengineering to buy 10 TCS-2 cryogenic tire grinding systems from Tirex for a total of $70 million. The TCS-2, an expanded version of Tirex´s patented TCS-1 system, has double the capacity of the TCS-1—processing 2 million tires annually—and grinds rubber to a finer mesh, according to Tirex President John L. Threshie Jr. Tirex has signed three previous MOUs for purchase orders with companies in China and Hong Kong, but the Crioengineering deal is about 10 times the size of those three pending deals combined.
Italian firm to buy Tirex tire grinding system
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