NEW YORK—A tire recycling and product manufacturing company with a factory in China is working toward establishing a plant in the U.S., according to its chief financial officer.
Tire International Environmental Solutions Inc. has engaged Stone & Youngberg L.L.C., a New York investment banking firm, for assistance in structuring and marketing a debt offering as part of its project financing, according to a press release issued Feb. 10.
The proposed project financing will bring Tire International $20 million to acquire, equip and operate U.S. facilities to manufacture the products it currently makes only in China, the release stated.
Those products include soft rubber pavers for home and garden, rubber mulch and tree rings, according to the company website.
In December 2010, Tire International appointed Martin Sergi, former president of Recovery Technologies Group Inc., as its chief financial officer.
“The company currently manufactures molded rubber products in China, using Chinese recycled rubber,” Sergi said. “The problem is that scrap tires are in limited supply in China. The company has had to turn down a number of orders because we couldn't make the products.”
According to Sergi, Tire International's plan is to maintain the facility in China to supply Asia and Europe, but build a new plant in the U.S. to supply the U.S. and Canada.
Tire International is scouting potential plant sites right now, according to Sergi.
The company hopes to announce the site by mid-March and have the plant operational by the end of the year, the executive said.