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

Dunkin' Donuts looking at PP to replace foam cups

September 19, 2014 3:22 pm ET

Dunkin' Donuts is testing a new polypropylene coffee cup that the company believes could help boost recycling.    More

Image

Study: 75 percent of Australia's ocean debris is plastic

September 18, 2014 7:48 pm ET

About 75 percent of the trash found in the waters off Australia's beaches is plastic, with most of that coming from local sources rather than sea-...    More

Image

P&G removing PE microbeads from its Crest brand toothpaste

September 18, 2014 1:57 pm ET

After months of prodding, Procter & Gamble Co., the makers of Crest brand toothpastes, say polyethlene microbeads will be completely removed from its ...    More

Image

PET to PET boosts recycling capacity

September 18, 2014 11:14 am ET

PET to PET Recycling Austria GmbH, a bottle-to-bottle PET recycling operation backed by Coca-Cola Hellenic Bottling and several beverage...    More

Image

Minnesota receives grant to help develop new bioplastics

September 17, 2014 4:08 pm ET

The University of Minnesota has received a $20 million grant to fund the development of new types of bioplastics.    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

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

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

More Events