GreenMan Technologies announced that it has sold its ownership interest in its GreenMan Technologies of California Inc., subsidiary to Vern Mabry. The division that was sold off was a wholly owned subsidiary of GreenMan Technologies.
The California operations was formed in 2002 through the acquisition of Unlimited Tire Technologies, Azusa, Calif. Mabry was the majority owner of the acquired company.
"While we would have preferred to maintain a presence in the California tire recycling market, our California subsidiary’s performance had not met expectations and therefore we felt it was in the company’s best interest to divest the subsidiary," said Lyle Jensen, president and CEO of GreenMan.
The company plans on focusing its business in the Midwest.