AKRON, OHIO (Jan. 5, 11:50 a.m. EST) — PolySort Inc. is adding group resin-buying to its arsenal of recently launched e-commerce capabilities.
The Akron firm will begin offering group discounts for eight materials the week of Jan. 8, said Angela Spreitzer Charles, managing director.
"A lot of processors were posting requirements for similar materials," Charles said in a Jan. 5 telephone interview. "We thought all along that an exchange itself would work as an aggregating tool for distribution, helping processors purchase at a lower rate from producers."
Processors will receive price breaks based on the number of pounds ordered by a group of buyers each month, said marketing director Donna Shelley. To launch the service, PolySort has four Ohio- and Pennsylvania-based processors as "anchor buyers." Participating resin suppliers will pay PolySort a 3 percent transaction fee, Shelley said.
The company merged with Cleveland-based Web exchange PolymerSite.com in February and launched an individual spot exchange in May. That site, www.polymersite.com, will continue.
Processors joining the new group purchase program, found at www.polysort.com/gp, also will receive points for each transaction, called performance warrants. The warrants can be converted into options to buy an ownership stake in PolySort.
Privately held PolySort plans to raise an added $5 million in financing this year from outside investors, Shelley said.