Upside Development Inc. announced that its previously announced acquisitions of Emert Grinding, Canale Recycling and Adriatic Recycling would not close. In each instance, certain performance requirements required in the original agreement were not reached. The facilities were located in New Jersey, Pennsylvania and Ohio. Currently, Upside is pursuing two separate scrap tire-recycling plants in New York and Wisconsin.
The company also announced it is focusing on its move into the tire recycling industry.
Michael Porter, CEO of Upside Development, said, "Over the past several weeks, we have been working diligently to close our previously announced acquisitions. Unfortunately, as a result of certain business requirements that have not been met, we are forced to cancel these transactions. We are still hopeful we will complete a tire recycling facility transaction in the near future." Porter continued, "We have also decided to close certain non-core assets of the company in order to completely dedicate our efforts towards future acquisitions."
The company has moved through a variety of business models. At the present time, while the company is looking at getting involved in the tire recycling segment of the business the company does not as of yet have any tire recycling operations under its ownership.
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