Management buyout forms ReCommunity
CHARLOTTE, N.C. Recycling and asset-recovery firm FCR Recycling has rebranded itself as ReCommunity Holdings LP to emphasize that waste is a strategic community asset, and not a growing liability for cities.
By forging private-public partnerships with the communities we serve, we will help lead the new economy with new jobs and growth, said Sean Duffy, president and chief operating officer of ReCommunity, which operates 17 material-recovery facilities and one transfer station in nine states.
Community behavior has local and global implications, and we see the future of America's communities as clean, independent, resilient and maximizing the use of their own resources, said Duffy. Our team deeply believes in sustainability, community partnerships and job creation.
The Charlotte, N.C.-based firm had been a subsidiary of Rutland, Vt.-based Casella Waste Systems Inc., before a $134 million private-equity-backed management buyout earlier this month.
ReCommunity said it is committed to using and developing technologies that can reduce land-filled waste and convert that waste into useful products such as recycled commodities, low-carbon energy, engineered feedstock, biofuels and other value-added recycled products.
Buyout terms let ReCommunity retain patents related to the use of optical-sorting equipment for material characterization in recycling streams, MRF automation, and production of engineered feedstocks from a waste stream.
The core of our strategy is to ... expand our record of long-term community partnership and work together towards a more fiscally and environmentally sustainable future said CEO James Bohlig.
As a unit of Casella, it contributed $14 million in consolidated earnings before interest, taxes, depreciation and amortization, and $10.3 million in net income, in the 12 months ended Oct. 31.
PolyOne Corp. sells SunBelt stake to Olin
AVON LAKE, OHIO Compounder PolyOne Corp. has sold its 50 percent share in SunBelt Chlor Alkali Partnership to partner Olin Corp. for $175 million.
The deal includes $132 million in cash and the assumption of $43 million in debt. PolyOne predecessor Geon Corp. formed the venture with Clayton, Mo.-based Olin in 1996.
SunBelt makes chlorine a PVC feedstock and caustic soda at a plant in McIntosh, Ala. The venture generated operating income of $18.9 million in 2010 for Avon Lake-based PolyOne, but that amount was down more than 25 percent from the prior year.
Stephen Newlin, PolyOne chairman, president and CEO, said in a Feb. 28 news release that the SunBelt sale represents another step in our transformation and portfolio repositioning, as we intend to use the proceeds to accelerate specialty platform growth.
Aussie court rejects Huntsman's appeal
MELBOURNE, AUSTRALIA An Australian appeals court has upheld a ruling that Huntsman Chemical Co. Australia Pty. Ltd. engaged in misleading and deceptive conduct when it supplied vinyl ester resin to a swimming pool company whose products blistered.
Huntsman, headquartered in West Footscray, near Melbourne, appealed to the Full Federal Court, which found that its chemical product Hetron 942/35 was contaminated with a terephthalate-based compound that caused blistering in fiberglass pools manufactured by Narellan Pools Pty. Ltd. of Narellan, Australia.
Hetron 942/35 is a bisphenol A epoxy vinyl ester resin used as a barrier to prevent corrosion in swimming pools. Narellan made 79 pools containing the resin.
Huntsman said some Hetron 942/35 was contaminated, but not what it supplied to Narellan.
On Feb. 1, the court dismissed Huntsman's appeal, saying the material was not manufactured in accordance with Huntsman's own specification.
Huntsman Chemical is a unit of Huntsman Corp. of Salt Lake City.
DSM, KuibyshevAzot form Russia venture
HEERLEN, NETHERLANDS Royal DSM NV and KuibyshevAzot OJSC are forming two joint ventures related to engineering plastics.
One of the deals will make DSM the first Western nylon 6 supplier with its own manufacturing presence in Russia and other members of the Commonwealth of Independent States, the company said.
Heerlen-based DSM announced Jan. 20 that one of the ventures will relate to marketing and sales of engineering plastics in the CIS. The second venture will focus on production of compounds at a plant in Togliatti, Russia, where KuibyshevAzot is based.
DSM Engineering Plastics said it also plans to buy 80 percent of the engineering plastics compounding plant located on KuibyshevAzot's manufacturing site in Togliatti.
Indorama-Trevira deal slated to close in 2Q
BANGKOK Bangkok's Indorama Ventures Public Co. Ltd. said it expects to complete the acquisition of Trevira GmbH's polyester staple-fiber business in the second quarter of this year, adding a European brand to its global fiber business.
Indorama has signed a definitive agreement to take a 75 percent stake in the company, which has operations in Germany and Poland.
The remaining 25 percent would be held by Italy's privately owned Sinterama SpA, which would be a partner in a joint venture company also to be formed in the second quarter.
Bobingen, Germany-based Trevira is the market leader in Europe in high-end applications for polyester, especially in automotive and home textiles.
Sinterama, headquartered in Biella, Italy, has a global presence and operates six plants worldwide, located in Italy, the United Kingdom, Brazil, Turkey and China.