STAMFORD, Conn.—Castleton Commodities International L.L.C., a Stamford-based global commodities merchant, has purchased a majority interest in Delta-Energy, a manufacturer of recovered carbon black and liquid chemicals from recycled scrap tires.
Castleton made the purchase through a subsidiary for an undisclosed amount.
The funds from Castleton's majority interest will allow Delta-Energy to expand its production facility in Natchez, Miss., according to William Cole, Delta-Energy director of product management. When the expansion is completed sometime next year, Delta-Energy's Natchez plant will have the capacity to process 100 tons of scrap tires per day, which translates into production of 11,000 tons of recovered carbon black annually, Cole said.
Delta-Energy will retain its current management, he said.
Bridgestone Americas, a major investor in Delta-Energy since 2014, will be an active minority investor in the company going forward.
"(Castleton's) investment validates Bridgestone's initial support of this process and its potential for use in domestic and international markets," Bridgestone said in a statement.
"As a minority stakeholder in (Delta-Energy) and leader in the tire industry, Bridgestone looks forward to working with (Castleton) and remains committed to improving natural resource conservation in order to protect the environment for current and future generations," the tire maker said.
Castleton executives could not be reached for comment, but Nicholas Haslett, Castleton chief strategy officer, said in a Bridgestone news release that the company looks forward to support Delta-Energy's expansion.
"The founders of Delta-Energy have achieved technological proof of concept in large part thanks to early-stage support from Bridgestone," Haslett said. "As an industry leader, Bridgestone's commitment to Delta-Energy validates the quality and market potential for the company's products."
Delta-Energy manufactures and sells recovered carbon black under the D-E Black trademark. It also makes and sells DeSolv liquid organic chemicals.