Advanced Environmental Recycling Technologies Inc. has received $13.5 million in funding for its recycling plant to be built in Watts, Okla.
The funding came from Adair County revenue bonds that pay 8 percent annually and mature in 16 years.
The plant originally was scheduled for a first-quarter opening, but now is expected to begin operating by the end of 2008. The facility will be able to recycle about 200,000 pounds of material daily, about the same as AERT's recycling plant in Lowell, Ark. The wood-plastic composite lumber extruder also has a recycling facility in Alexandria, La.
Joe Brooks, AERT chief executive officer, said in a news release the plant will cut the company's raw material costs and assure a stable supply of raw materials.
The new plant is designed to handle a lower grade of recyclable polyethylene, Bob Thayer, chief financial officer, said earlier in the year when plans for the plant were announced.
In addition to the relatively clean scrap collected at the other plants, Springdale-based AERT will use the new plant to tap into the dirtier, post-consumer waste stream.
The plant will employ 50-60, they said.