CARLISLE, Iowa (Oct. 2, 2007) — Tire recycler GreenMan Technologies Inc. is moving into the next phase of its corporate turnaround plan by acquiring Welch Products Inc.
Carlisle-based Welch Products is a manufacturer of playground safety tiles, construction molds, guardrail spacer blocks and other products made from recycled rubber.
Under the purchase agreement, Savage, Minn.-based GreenMan is acquiring 100 percent of Welch's common stock in exchange for 8 million shares of GreenMan stock. With this acquisition, GreenMan also receives Welch subsidiary PlayTribe Inc., a playground design, equipment and installation company.
GreenMan said it plans to host an Oct. 3 teleconference to discuss the purchase.