RICHMOND, VA. - Another company wants to buy high density polyethylene recycler Spectrum Recycling Technologies for the second time in less than a year. Tampa, Fla.-based Viking Management Group Inc. signed a letter of intent June 7 to buy Spectrum from Reconversion Technologies Inc. of Tulsa, Okla.
Reconversion, operating under Chapter 11 of the U.S. Bankruptcy Code, declined to comment on the sale.
The Tulsa firm purchased Spectrum in July 1994. The company started operating about a year before Reconversion bought it, said Marla Carpenter, Spectrum vice president.
The Richmond-based firm has the capacity to process 400,000 pounds of milk jugs into clean flake a week, but is not operating at full capacity, Carpenter said. She declined to say how much plastic the company is processing.
The purchase price consists of 400,000 shares of Viking's restricted stock in exchange for about $1.5 million in assets and the assumption of no more than $250,000 in debt, said Mark Taylor, Viking president and chief executive officer. The assets include Spectrum's equipment, inventory, work in progress and proprietary plastic cleaning process. Viking, formed in March, is a holding company interested in buying recycling firms, Taylor said.
Earlier this year, Viking acquired Airline Industrial Machinery Inc., which makes, refurbishes and recycles passenger loading bridges. It also purchased National Tire Recycling Inc. of Florida, a Tampa firm that produces fuel from scrap tires.
