Padnos acquires stake in GLR

Padnos acquires stake in GLR

Holland, Michigan-based Padnos calls arrangement with Detroit area GLR Advanced Recycling a strategic partnership.

August 16, 2018

Holland, Michigan-based Padnos has announced “acquiring a significant interest” in Roseville, Michigan-based GLR Advanced Recycling, with a news release announcing the move describing it as a strategic partnership. The newly combined partner companies will have 23 locations in Michigan and one in Indiana.

“Two family-owned recycling businesses, with nearly two centuries of combined years in operation, have joined forces to expand capabilities and grow throughout Michigan,” states the news release announcing the merger.

Founded in in 1905 by Louis Padnos, Padnos operates from 18 locations in Michigan and Indiana.

GLR was founded in the Detroit area by Henry Rosen in 1927. The company began in the paper and cardboard recycling business and has expanded in to plastic, electronics, metal and vehicle recycling, with an emphasis on the automotive and ferrous and nonferrous markets. GLR operates six facilities in Michigan.

“This is the next step in the evolution of two great family businesses,” says Jonathan Padnos, president of that family company. “There are many parallels between our companies, making this a natural fit, and it is an honor to partner with Michael Bassirpour and the entire GLR team. As we build on the combined experience the Rosen and Padnos families have in the industry, we look forward to continued growth and to serving customers in the Great Lakes region.”

GLR President Michael Bassirpour comments, “GLR has been expanding its capabilities in recent years, and a strategic partnership with Padnos fits perfectly within our vision and long-term strategic plan. We see a lot of synergies between the two companies and, geographically, a partnership allows us to serve more customers throughout the state and grow to neighboring markets.”

Ben Irwin, chief financial officer of Padnos,adds, “This partnership between Padnos and GLR creates a strategic alignment that enables both companies to further our economies of scale and increase our processing capabilities. Combined, we look forward to the growth opportunities in front of us.”

Each of the two entities will continue to operate under their current names, according to the announcement.