Wilmington, N.C. (October 5, 2021) – PolyQuest, Incorporated (PolyQuest), the leading distributor of PET resins and a manufacturer of recycled PET resins in North America, announced today the formation of Renuva PlasticsTM, LLC (a wholly-owned subsidiary of PolyQuest dba Faith Group USA), which will acquire the U.S. division of the Faith Group Company.
The Faith Group Company has been the premier distributor of post-industrial thermoplastics (especially PET) in the U.S. and the largest exporter of these products out of the U.S. to the rest of the world over the past quarter of a century. Faith Group USA will continue purchasing and distributing such thermoplastics in the U.S. as well as domestically sourcing these products for the Faith Group Company to export.
“This acquisition is a bolt-on and extremely complementary to our existing virgin resins distribution and post-consumer/post-industrial manufacturing businesses. Using the PET value chain as an example, we now have significant access to all virgin, post-industrial and post-consumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF, strapping, etc., and ultimately consumers as applicable,” said John Marinelli, CEO of PolyQuest. “We have become a supplier and customer to almost every segment of the value chain, and we will use this position to further strengthen our relationships and drive value for our business partners.”
As vice president of the newly formed Faith Group USA, Russell Wilkes said, “I am very excited to continue leading our loyal and dedicated employees as well as nurturing and growing our supplier and customer relationships that have been developed over several decades. PolyQuest is the perfect acquirer of this entity as they have the commitment, passion, and economic means to significantly grow and enhance our position in the industry and also expand our presence to supply non-traditional evolving markets such as chemical recycling. The transition at closing from the Faith Group Company to Faith Group USA will be seamless for our business partners; it is a name change, with PolyQuest serving as the new parent company. All employees and locations remain in place.”
Young Liu, president and primary owner of the Faith Group Company said, “We are very satisfied with PolyQuest’s structure of this acquisition and look forward to working with them regarding exports and other potential areas in the future. We also appreciate the contribution of Russell Wilkes and all of our employees over the decades and wish great success to Faith Group USA under the leadership of PolyQuest.”
About the Faith Group Company
Faith Group Company was founded in 1993 with the primary business purpose of domestic and international trading of PET materials, post-industrial scraps, post-consumer scraps, and relevant processing. Through the years, the Company also added various thermoplastics to its portfolio of products. Faith Group Company historically has been one of the largest post-industrial PET recycling companies in the world, with current facilities in Hong Kong, China, Germany, and Chile.
About PolyQuest, Inc.
PolyQuest (www.polyquest.com) is a privately held company headquartered in Wilmington, North Carolina, with facilities in Darlington, South Carolina, and Farmingdale, New York, and our European office in Austria. We are the largest distributor of PET resins in the U.S. and Canada, one of the fastest-growing distributors of PP and HIPS resins, and a value-added recycler of PET. PolyQuest maintains a global reach, offering one of the broadest resin catalogs in the hemisphere for the bottle, sheet, strapping, film, and fiber markets. Contact us to learn more about PolyQuest as a partner for your PET, PP, HIPS, and rPET materials needs and processing solutions.