Integrated Technologies Group, Inc. signed a joint venture agreement with PT. Perkasa Heavyndo Engineering Jan. 16th to jointly build, what ITG calls, the first recycling plant to produce marketable oil, gas, steel and carbon black from used tires.
Three more plants will be built immediately after the first, each with a production capacity doubling the initial plant. The agreement sees a continuing working relationship between the two partners for production of recycling plants for 10 years. The detailed negotiations for the plant's specifications are well underway. The first plant is expected to be operational in Oklahoma by this August.
Scott Holden, president of ITG, said, ``We at ITGI are very pleased with the joint venture with PHE. We are fully confident that with PHE we have the right partner for this new technology. We are looking forward to the installation of the first plant and a long, productive partnership with PHE.''