Publicly held tire-recycling firm Unisphere Waste Conversion Ltd. of Toronto has acquired Wellington Polymer Technology Inc., best known for its Enviroshake composite roofing products.
Under the new ownership, Enviroshake will seek a U.S. manufacturing facility, said John Wypich, Unisphere's president and chief executive officer. Enviroshake currently is made in Chatham, Ontario, from crumb rubber, post-industrial plastics and cellulosic fiber in an extrusion process that replicates the look of cedar shingles.
``We've got about half a dozen [potential] sites identified in the United States,'' Wypich said in an Aug. 12 telephone interview.
Terms of the acquisition were not disclosed. Unisphere specializes in tire recycling, but is focused on becoming vertically integrated, officials said. The firm plans to add a second production line in Chatham by October.
Wellington Polymer Technology was formed in 1998 to create a product that would be marketed in direct competition to natural cedar shakes and other premium roofing products.
``We are very excited about the expansion plans for Wellington Polymer and look forward to our involvement with Unisphere,'' Dan Warrener, Wellington president, said in a news release. ``Our Enviroshake roofing product has now been introduced to over 20 [U.S.] states. The demand and size of the roofing market is overwhelming.''
Unisphere trades on the Toronto Stock Exchange's Venture Exchange. For the quarter ended March 31, the firm reported sales of C$469,958 (US$359,433) with a net loss of C$1.3 million (US$994,264), which the firm attributed to its transition as a full-scale manufacturer.