Roseville, Mich.-based GLR Advanced Recycling has entered a joint venture agreement with Holland, Mich.-based Padnos Inc., strengthening ties between the two longtime, family-owned recycling businesses.
The deal for Padnos to purchase ownership stake in GLR was finalized Wednesday and announced Friday, said Michael Bassirpour, CEO of GLR. It solidifies a partnership that has been ongoing for several years.
"We had done business with them before. We share the same vision for growth," Bassirpour said. "They will help us grow the right way."
Both companies recycle plastics along with other materials.
Terms of the deal were not disclosed.