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August 23, 2019 02:04 PM

Enviro, TreadCraft sign term sheet on proposed recycling plant

Miles Moore
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    BUFFALO, N.Y.—Enviro Systems A.B., the Gothenburg, Sweden-based tire pyrolysis technology firm, has signed a term sheet with TreadCraft Carbon L.L.C., covering key parts of an agreement to build a tire recycling plant in Buffalo using Enviro's technology.

    Enviro and TreadCraft Carbon, a subsidiary of Dunneville, Ontario-based TreadCraft Ltd., have agreed on the main conditions of establishing and operating a jointly owned facility, according to an Enviro press release.

    The two companies expect to finalize the deal during the second half of 2019. The agreement involves a recycling plant worth between $27.7 million and $33.2 million, as well as license revenue and future profits, Enviro said.

    "With this agreement, we have passed an important milestone, as it both confirms Enviro's new strategy and constitutes the first plant outside Sweden where we become one of the owners," Enviro CEO Thomas Sorensson said in a statement.

    Enviro recycles some 6,000 metric tons of scrap tires every year at its plant in Asensbruk, Sweden, according to the company. The recovered carbon black produced by Enviro is used to make rubber components for the automotive and other industries.

    Clients for those parts include Volvo Cars, Trelleborg Wheel Systems and Elastomeric, Enviro said.

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