LYNNHAVEN, Mass. (Dec. 18)—Tire recycling firm GreenMan Technologies Inc. has settled with its insurance company for $1.03 million in the March 31 fire in its Jackson, Ga., waste wire processing facility.
Now the company will be able to replace its wire processing equipment at Jackson and install a new fire suppression system, and it expects to do so by March 31, 2004, said Chuck Coppa, GreenMan chief financial officer. The total cost of the fire was more than $1.2 million, according to the Lynnhaven-based firm.
Also, GreenMan seeks an undisclosed amount of financing to install sufficient shredding equipment at its LaVergne, Tenn., facility to handle 4 million to 4.5 million tires annually, Coppa said. It announced those plans in February, but its bank was shortly thereafter taken over by the Federal Deposit Insurance Corp.