Itec Environmental Group Inc. has agreed to acquire two plastics recycling plants previously owned by Waste Management Inc. The facilities are located in Chicago and Raleigh, NC.
The planned acquisition of the two plants will allow Itec to both secure a long-term commercially significant supply of plastic, and integrate its Eco2 Environmental System into the facilities.
Along with the planned acquisitions, the two companies plan to enter in a long term agreement, which shall provide for the steady supply of mixed plastics to the two facilities by Waste Management.
The acquisition is expected to be complete by the end of June.
In conjunction with the proposed acquisition Itec has hired Sanders Morris Harris Inc. as its financial advisor to help with the financing for the acquisition.