GreenMan Technologies, Inc. announced a $950,000 equipment upgrade to its Des Moines, Iowa crumb rubber processing capacity. The capital investment was funded through long-term debt provided by the State of Iowa Department of Natural Resources and our senior secured lender, Laurus Master Fund, Ltd.
Lyle Jensen, GreenMan’s CEO, stated, "The installation of a new Granutech Powderizer system in Iowa will allow us to process almost 5 times more of our existing crumb rubber products into smaller particle sizes with higher margins used in safety playground tiles, running tracks, football fields, soccer fields, equestrian arenas and public walkways. These higher value markets represent several of the fastest growing segments of the crumb rubber market today." Jensen added, "The Iowa upgrade is a prime example of Step 4 in our Turnaround Plan which focuses on upgrading capacity and improving gross profit mix of our continuing operations. Over 25 million pounds of processed truck tires from our Midwest recycling facilities will find an environmentally safe home in the sports fields, running tracks and playgrounds that our children play and compete on."
GreenMan, founded in 1992, operates facilities in Iowa and Minnesota which collect, process and market over 14 million scrap tires in whole, shredded or granular form.