POLYQUEST DIVESTS BATCH SOLID STATE POLYMERIZATION ASSETS
WILMINGTON, NC, July 14, 2016 – In order to further streamline its operations, PolyQuest, Incorporated has divested its specialty “batch solid state polymerization” (BSSP) assets to Ancos, a subsidiary of Rice Industries LLC. Since its inception, PolyQuest’s primary focus has been the expansion of its position as North America’s leading distributor of virgin PET resin and manufacturer of post-industrial and post-consumer recycled PET (rPET) products.
“This distribution of the BSSP assets to Rice Industries will allow PolyQuest to further enhance our focus on our key competencies in virgin PET as well as post-consumer rPET and post-industrial PET products” says John Marinelli, President of PolyQuest. “The BSSP business represents approximately 1% of our business and the divestiture to Rice Industries is a good fit for us. Rice Industries will operate these assets within PolyQuest’s Darlington, South Carolina facility and will continue to offer toll BSSP services directly to PolyQuest as well as others in the industry.”
According to Dan Rice, CEO of Rice Industries, “Expanding Ancos’ solid-stating capacity will increase our ability to serve customers, while adding a second location with strategic geographic presence in South Carolina. The Darlington assets are a best-in-class operation and are a great addition to Ancos’ processing expertise and high level of quality and service. We look forward to continuing to serve PolyQuest’s existing customers and growing the business.”
This divestiture will have no impact on PolyQuest’s customers, suppliers, employees, and other business partners, as PolyQuest will retain all other aspects of its businesses and real estate, with the exception of these specialty BSSP assets.
PolyQuest is a privately-held company headquartered in Wilmington, NC. Established in 2000, its mission is to provide the most comprehensive, cost-competitive supply portfolio of virgin and recycled PET resins in North America. It offers one of the broadest resin catalogs in the hemisphere, serving every major end application for PET including bottle, sheet, strapping, compounding, film and fiber.
PolyQuest products include virgin prime resins with cutting-edge technology as well as “wide spec” offerings for less critical end applications. PolyQuest is a leading manufacturer of recycled PET products, a value-added processor of PET scrap streams, and is one of the fastest-growing recyclers in the U.S.
Rice Industries is a leading toll service provider with companies focused on engineered plastic, chemical, pharmaceutical, and cosmetic sectors. Ancos (www.ancosusa.com) is a leading toll services provider to the engineered plastic market, and has locations in Disputanta, VA and Darlington, SC. Ancos offers solid-stating, crystallization, cryogenic grinding, blending, material handling, and other toll services exclusively to the engineered plastics space.