PHOENIX, Ariz. (Feb. 12)—Tire recycling firm LandStar Inc. has sold crumb rubber producer PolyTek Rubber & Recycling Inc. and its subsidiaries. The company, in a press release, offered no details of the sale, except to say that LandStar sold PolyTek "on advice from its investment bankers to reduce corporate debt and dispose of non-performing assets." On Feb. 1 PolyTek Pennsylvania Inc. conveyed LandStar's crumb rubber plant in Chambersburg, Pa. to Edge Rubber Pennsylvania L.L.C., the security holder on the facility. LandStar purchased PolyTek in early 2001, and in October 2002 announced plans to buy a building in the Columbus, Ohio, area to set up a rubber recycling plant to be supplied with rubber from Chambersburg. Calls to Landstar went unanswered.
LandStar sells crumb rubber producer PolyTek
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