LYNNFIELD, Mass. (Jan. 6)—Tire recycler GreenMan Technologies Inc. closed its Jackson, Ga., crumb rubber and recycled wire plant at the end of December to help stanch the company's continuing losses, according to company officials.
Between the closure of the Jackson operations and the earlier shutdown of the GreenMan plant in LaVergne, Tenn., the Lynnfield-based company will record fiscal 2005 losses of $14 million to $15 million, said GreenMan CFO Chuck Coppa.
But the closures also will remove nearly $500,000 monthly in financial losses, as well as allow the company to concentrate on its profitable operations in California and the Midwest, Coppa said. GreenMan is looking at several potential buyers for the Jackson operations, he added.