WESTERVILLE, OHIO (Dec. 6, 1 p.m. ET) — Geo-Tech Polymers LLC is opening its second recycling facility and will boost its capacity 150 percent, according to President Doug Collins.
Geo-Tech has a proprietary process that enables it to recycle coated plastics that are used in consumer and automotive applications. It is able to remove coatings such as paints and metals from plastic substrate materials without using chemicals or solvents that degrade or diminish material properties.
The company has leased a 123,000 square foot facility in Waverly, Ohio, and is busy installing its second line and hopes to have it ready in the first quarter of 2013.
Collins said that the company wanted to stay in Pike County and it found a building that formerly housed a modular home manufacturer. It is only an hour south of their current facility in Westerville, Ohio.
Collins expects to add 50 jobs in the next three years. Geo-Tech plans to run one line in Westerville and two in Waverly.
Collins said the company's process is especially effective for recycling automotive parts, especially those that are made from thermoplastic polyolefins.
He said Geo-Tech is also benefitting from its June acquisition by waste management and recycling services company Wastren Advantage Inc. The deal allowed Wastren to diversify its portfolio outside of government contracts and gave Geo-Tech capital necessary to expand its business.
For the Waverly expansion, Geo-Tech will receive a $460,000 loan obtained from the Pike Commissioners through the Community Block Grant Program Economic Development Program. It also received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio Program and a $50,902 Job Creation Tax Credit. The balance of the project is being financed locally by Ohio Valley Bank.