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

Austria's Greiner building a foothold in the US rigid packaging market

April 15, 2014 1:22 pm ET

Greiner Packaging International GmbH, one of Europe's largest makers of rigid plastic packaging, now wants to make its mark in the United States.    More

Image

SodaStream turns to PET for its new pre-measured flavor 'Caps'

April 15, 2014 1:40 pm ET

SodaStream International Ltd., maker of home beverage carbonation systems, is using plastic to bring more flexibility to its consumers.    More

Plastics recycling rates in Michigan will go up, if new initiative works

April 14, 2014 4:15 pm ET

Clean Tech, a unit of Plastipak Packaging Inc., expects to recycle about 6 billion plastic bottles this year and has an eye on 10 billion plastic...    More

CertainTeed and Saint-Gobain go green with new North American HQ

April 14, 2014 1:24 pm ET

Renovation work is ready to begin on a LEED-certified headquarters for building materials maker Saint-Gobain and its subsidiary, CertainTeed Corp.,...    More

Pepsi adds recycling bins in Oklahoma

April 14, 2014 12:45 pm ET

PepsiCo Inc. is beefing up recycling efforts in Tulsa, Okla., through the placement of more than 120 recycling bins at nearly 30 locations.    More

Market Reports

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

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

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