Under the agreement, the Phoenix-based recycling technology company will purchase certain assets of Renew Resources’ antifreeze recycling business. Todd M. Bernard, owner of Renew Resources, will continue to operate the facility with its current staff.
Published Oct. 11, 2012
The companies signed a preliminary agreement in May. The transaction is scheduled to close on Oct. 26.
Renew Resources provides recycling services for industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics and batteries. The company also provides a line of equipment used in changing automotive antifreeze.
Under the agreement, GlyEco will purchase certain assets of the antifreeze recycling business. Renew Resources Owner Todd M. Bernard will continue to operate the facility with its current staff.
GlyEco has patent-pending technology for recycling polluted glycols, a liquid petrochemical used in the HVAC, textiles, automotive, airline and medical industries. The company is expanding operations by acquiring assets of existing, profitable businesses. These recyclers primarily process waste antifreeze, according to a news release.
Renew Resources services about 200 customers in the greater Charlotte area.