GreenMan Technologies, Inc. signed a letter of intent to acquire all the Iowa based operations of Utah Tire Recyclers Inc. GreenMan will manage the operations under the name GreenMan Technologies of Iowa. The company expects to complete the transaction by next month.
Utah Tire began its operations in Iowa nine years ago, and currently processor more than 2 million tires per year in the state. It is the largest tire processor in the state. Over the past three years Utah Tire and GreenMan combined have processed more than 7 million illegally stockpiled tires in the state.
Mark Maust, GreenMan's vice president of Operations and president of GreenMan of Iowa, said, ``UT has done a great job establishing itself as a premier tire recycler in the eyes of their Iowa customers and state regulatory agencies. We anticipate significant synergies to be realized from integration of UT's Iowa operations into our existing Mid-West business. UT's Des Moines location will provide us with a strong base of operation on which to continue our market expansion initiatives into surrounding areas.''