Updated — Jet Polymer Recycling Inc. recently acquired the assets of United Plastic Recycling Inc., which had filed for bankruptcy in late 2015.
Fort Payne, Ala.-based Jet paid $2.85 million for the assets of United, which had been based in Montgomery, Ala. The sale closed on Dec. 9, according to filings with U.S. Bankruptcy Court in Montgomery, Ala.
Jet President Ed Traylor said the purchase includes all of United's property and machinery at three sites in Montgomery. United had continued to operate after filing for bankruptcy in October 2015.
In addition to Fort Payne, Jet does plastics recycling at a site in Tupelo, Miss. The firm opened an additional plastics recycling site in Lagrange, Ga., in mid-2016.
In United's bankruptcy filing, the firm claimed assets of no more than $50,000 and debts of between $10 million and $50 million. Most of the proceeds from the sale went to Renasant Bank of Tupelo.
Based on recent monthly totals, the combination of Jet and United could have annual plastics recycling volumes of between 145 million and 180 million pounds. That total would rank among North America's 20 largest plastics recyclers, according to Plastics News data.
Jet recycles post-consumer and post-industrial plastics. The firm also offers grinding, pelletizing, compounding and blending services.