Headline News
Greystone Logistics Launches Resin Division
3/10/2010
Facility will be located in Bettendorf, Iowa.
Greystone Logistics Inc. has announced plans to enter the recycled polyethylene resin manufacturing business. The division was launched using a six-inch polyolefin extruder with an annual capacity of 14.6 million pounds of production.
The company adds that a second six-inch extruder will be installed in the second quarter of this year. The addition of the second extruder is expected to result in the company producing 29.2 million pounds of the product this year.
The company expects to add a third six-inch extruder by the first half of next year, bringing the total to 43.8 million pounds of annual polyolefin production.
Recycled polyolefin production will be concentrated at Greystone's Bettendorf, Iowa, recycling facility. The company notes that the facility is centrally located, which makes it an ideal place to collect and distribute recycled plastics.
Equipment used to handle the recycled plastics will be leased from Yorktown Management and Financial Services LLC.
Heading the new recycling division is John Brown.
"John brings significant polyolefin knowledge, both technical and practical, to Greystone's Recycling Division, having managed several of Canada's largest recycled polyethylene plants and flexible packaging manufacturers," says Warren Kruger, CEO of Greystone.
"We are leveraging the company's knowledge and experience garnered from years of preparing waste plastics for use in our 100 percent recycled plastic shipping pallets. We are excited that another segment of our business plan is being implemented. Greystone just completed shipment of $250,000 in reprocessed resin and anticipates $4 million in gross sales from resin for calendar year 2010 in line with internal margin expectations," Kruger adds.
"Greystone's new Recycling Division is ideally located and positioned to become an important supplier to the blow molding and extrusion manufacturing plants in the Midwest and our focus is centered on fractional melt polyethylene," says Brown.