Company says it also closed on deal for Renew Resources LLC.
GlyEco Inc., a Phoenix-based inventor of a technology for cleaning waste glycol, has closed on its asset purchase of two recycling companies: Antifreeze Recycling Inc., based in Tea, S.D.; and Renew Resources LLC, based in Rock Hill, S.C. Both acquired companies are involved in waste anti-freeze recycling operations. Both transactions closed on Oct. 26, 2012.
GlyEco says it is is aggressively buying capacity to meet customer needs in what it considers an underserved market. The company notes that the integration of its patent-pending GlyEco Technology will increase production capacity and improve product quality to meet ASTM Type 1 standards - indistinguishable from refinery grade material.
GlyEco says that the technology allows the company to offer waste glycol recycling services to four additional industries: HVAC, textiles, airline and medical. The majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste, according to the company.
The Antifreeze Recycling Inc. team, led by founder Robert Kolhoff, will continue day-to-day operations of the South Dakota plant. The company plans to increase production as it integrates the GlyEco Technology into its business.
The acquisition of Renew Resources includes the waste antifreeze recycling division of the business. Todd Bernard, who founded the company in 1999, will remain a part of the acquired company. The business provides recycling services for multiple types of industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics and batteries. The company also provides a line of equipment to automotive service centers, which improves efficiency while changing engine coolants.
The two acquisitions brings to seven the number of purchase agreements made by GlyEco in 2012.