PolyQuest Announces Acquisition of PET Recycling Facility in 1st Quarter 2013
PQ Recycling, LLC (an affiliate of PolyQuest, Incorporated) now owns and is operating the former Pure Tech PET recycling facility in Farmingdale, New York
PolyQuest, Inc. announced today the formation of PQ Recycling, LLC (a PolyQuest affiliated entity) that has acquired the former Pure Tech PET recycling facility in Farmingdale, New York. This facility produces recycled PET (RPET) FDA approved flake primarily from deposit post-consumer PET bottles collected in the Northeastern U.S. PolyQuest, the largest virgin PET resin distributor and one of the fastest growing PET recyclers in the United States, will primarily use the flake produced at Farmingdale as a feed stock for PolyQuest's down stream PET processing assets located in Darlington, SC.
"PQ Recycling will make additional investments in Farmingdale" says George Smilow, Chief Operating Officer of PQ Recycling. "Our primary goal is to bring the quality of our flake to a level that will set the industry standard while also exploring options to increase our annual throughput of RPET".
"This JV represents our first but not final integration step into RPET flake in the US", says Tod Durst, Vice President-Packaging Resins of PolyQuest. "PQ Recycling further strengthens our post consumer position as we are now fully integrated from deposit streams to flake and also produce FDA pellets at our Darlington, SC facility that are suitable for all PET applications including bottle, sheet, strapping, fiber and filament. PolyQuest has invested heavily throughout this recession in its flagship Darlington, South Carolina recycling facility. We have installed 115 million pounds per year of FDA pellet capacity in Darlington since 2006 and are also currently installing an additional 55 million pounds of batch solid state polymerization capacity at that site that could also be used for post consumer PET as needed. Our combined integrated post consumer processing capabilities and virgin PET resin product portfolio allows us to competitively supply and create value for our customers in all major PET market segments".
About PolyQuest, Inc.
PolyQuest (www.polyquest.com) is a privately held company headquartered in Wilmington, NC. It is the largest distributor of PET resins in the U.S. and Canada and one of the fastest growing recyclers in the US.