Loan helps Cleveland recycler see fresh growth

Rachel Abbey McCafferty
CRAIN'S CLEVELAND BUSINESS

Published: September 30, 2013 1:30 pm ET
Updated: September 30, 2013 1:34 pm ET

Image By: New Wave Plastics New Wave Plastics' new tie-baling machine can bale about 10 tons of plastics in an hour.

Related to this story

Topics Sustainability, Recycling

New Wave Plastics has invested in a new automated tie-baling system and a size-reduction machine, increasing the recycling capabilities of its plant in Cleveland.

The equipment investments were made using a $1.6 million Small Business Administration loan from KeyBank that New Wave Plastics received in May, said CEO T.R. Mitchell. The plastics and industrial waste recycler last year saw about 45 million pounds of plastics flow through its plant, Mitchell said. This year, the company expects that figure to reach about 60 million pounds — and the growth is expected to continue in 2014.

New Wave Plastics specializes in processing PVC, Mitchell said, but it has expanded into other plastic compounds and plans to begin handling other types of polymers in the next two years.

The new equipment has increased the company's processing capabilities. Before buying the baling machine, which arrived last month, employees baled the plastic scrap by hand, and the company could bale about one ton an hour, Mitchell said. Now, the machine can bale about 10 tons of plastics in an hour by itself — a "major accomplishment," Mitchell said.

And the size-reduction machine, which is due to arrive in September and will have metal separation capabilities, will be able to process about 10 million pounds of plastic per year on just that one line.

Prior to the investment in the new equipment, New Wave Plastics in March also invested in a new computer system that allows for real-time inventory tracking and customer management. New Wave Plastics also hired another seven employees to work on the floor in Cleveland this past year, Mitchell said. He plans to hire another two sales employees in the next year. The company has about 45 employees in Cleveland, said Mitchell, who declined to disclose New Wave Plastics' annual revenue.

The growth in business at New Wave Plastics is due to an increase in demand for recycled materials and a contraction in plastic waste exports, Mitchell said. China's government has been cracking down on the amount of waste it brings into the country. That situation opens possibilities for domestic waste processors such as New Wave Plastics, Mitchell said.

Director of sales Doug Coates said New Wave Plastics also sets itself apart by taking all industrial waste — not just plastics — and using the company's sales team to find homes for what it can't process.

A complete version of this story is available at www.crainscleveland.com.


Comments

Loan helps Cleveland recycler see fresh growth

Rachel Abbey McCafferty
CRAIN'S CLEVELAND BUSINESS

Published: September 30, 2013 1:30 pm ET
Updated: September 30, 2013 1:34 pm ET

Post Your Comments


Back to story


More stories

Image

Soy-based foam improves window performance, sustainability

December 18, 2014 12:51 pm ET

Launched in April 2013, Madison, Wis.-based WFI Global LLC is making a name in the fenestration market with what it says is a distinct product...    More

Image

Europe puts its 'Circular Economy' recycling effort on hold, for now

December 18, 2014 12:28 pm ET

The European Commission has withdrawn its Circular Economy initiative from its 2015 work program, and will instead replace it with “a new, more ...    More

Image

New extruders, repelletizer to improve production for InterGroup

December 17, 2014 6:00 am ET

InterGroup International Ltd. will install new, larger extruders and repelletizers at all three of its plastic scrap recycling locations in 2015.    More

Image

Investments allow UK's Jayplas to keep recycling supply chain at home

December 17, 2014 9:32 am ET

Corby, England-based plastics recycler Jayplas has announced the completion of a new extrusion and printing plant, together with a new packaging...    More

Image

Ecojug trims HDPE from milk jugs

December 17, 2014 8:57 am ET

United Diary Inc. has saved 1.7 million pounds of high density polythylene during the production of 80 million of its new Ecojug milk jug design since...    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events