Garb Oil in Negotiations with Italian Firm to Acquire its Rubber Recycling Business

Garb Oil & Power Corp., Salt Lake City, Utah, has reported that it is in discussions with FDG di Collu S.r.l., based in Cagliari, Italy to acquire the Italian firm’s rubber recycling business in Italy. FDG did not name the business that it is considering selling.

In announcing the potential acquisition, Garb Oil & Power says that the rubber recycling business has existing contracts and substantial facilities throughout Europe. The Italian company, Garb Oil adds, also could play a key role related to potential joint ventures that Garb Oil is exploring.

If Garb Oil ends up acquiring the business, the company says that the Italian facilities would be used to assist Garb Oil in future tire recycling contracts in the European Union. The Italian business has a 24,000-metric-ton facility with warehouse and land, according to a release by Garb Oil.

Garb Oil expects to finalize the acquisition after due diligence is completed in about 45 days.

Garb is involved in the production of shredders for tires, electronic scrap and rubber. The company also is involved in developing processes to refine rubber into a usable powder product.