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

Unilever puts Dove brand on a MuCell diet

April 23, 2014 1:57 pm ET

New technology employed by Unilever NV in the manufacture of bottles for its Dove Body Wash range of products could end up saving the brand owner up...    More

Image

Coffee roaster looks to improve footprint of single cup systems

April 22, 2014 1:30 pm ET

One of the largest coffee and tea manufacturers in North America has introduced a single-serve beverage capsule intended to curb the waste created by ...    More

Two Eastman buildings among 10 biggest energy savers in national contest

April 22, 2014 11:35 am ET

Two offices at the headquarters of Eastman Chemical Co. in Kingsport, Tenn., ranked in the Top 10 for energy efficiency in the latest Energy Star...    More

Europe's bag use still expected to climb despite possible bag restrictions

April 22, 2014 9:29 am ET

Ceresana, a Germany-based research company, has released a report forecasting that by 2020 the sales volume of bags and sacks in Europe will reach 9....    More

DuPont: Asia's food packaging market at a major transition point

April 21, 2014 1:26 pm ET

DuPont Co. touted its packaging innovations and applications, and updated the firm's commercial status at a media event two days before the Chinaplas ...    More

Market Reports

Market Data Book - Rankings & Lists

A one-stop download of Plastic News' exclusive annual lists and processor rankings containing essential data including sales, employees, end markets, materials and more.
EXCLUSIVE EXCEL FEATURE: full mailing address details for available plant locations.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Mold Making and Tooling Review and Outlook 2014 North America

This report provides in-depth analysis of the mold and toolmaking market for North America, including discussions of trends, opportunities, threats, the latest developments in production and labor and equipment trends impacting moldmakers.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events