E-Waste Systems Inc. (EWSI), an electronics recycling firm headquartered in London, has entered into a letter of intent to acquire the electronics recycling firm recycler 2TRG of Cincinnati, Ohio.
According to EWSI, the acquisition is expected to add more than $5 million in annual revenue and more than 12 million pounds of material processed per year. The company says the acquisition could result in an increase of 75 million pounds of material annually.
2TRG operates two facilities—a 140,000-square-foot recycling plant in Cincinnati and a facility in New York that is more than 50,000 square feet. 2TRG is certified to the R2 (Responsible Recycling Practices) and eStewards standards and is ISO 14001 and OHSAS 18001 compliant.
“I am personally thrilled to be teaming up with Carol (Weinstein, founder and CEO of 2TRG) and her team," Martin Nielson, CEO of EWSI, says. "She founded her company with the highest standards in mind and has delivered all that and more. The credentials she has attained are impeccable, and we could not be happier to join forces with Carol."
Adds Nielson, “2TRG has invested more than $1.2 million in eWaste recycling equipment upon which we can jointly build. The location in Ohio is very strategic from a logistics position, while the New York operation provides full eWaste recycling certification in that most important state.”
“We recently entered into a teaming agreement with EWSI and have already begun some commercial collaboration, so this is a very logical next step for us,” says Weinstein. “The principles we worked hard to see implemented now have the chance to be extended globally with EWSI and the team. Our commitment to zero landfill and to being on the leading edge of setting the standards of compliance, are a perfect complement.”
According to EWSI, all 2TRG employees will be retained and EWSI intends to use the Cincinnati unit as a strategic operational hub for the Midwest and to build upon the New York location to expand into the northeast. Weinstein will remain as CEO of 2TRG and join EWSI’s management team.
2TRG was formed in 2004 as Technology Recycling Group. The company changed its name to 2TRG in 2006. Since then, 2TRG has invested more than $1.2 million in equipment, including CRT Heaven and Shred-Tech systems. In 2011, 2TRG was ranked No. 816 among the Inc. 5,000 fastest growing private companies and in 2012 was named a Blue Ash, Ohio, Business of the Year.