PolyQuest Inc. is acquiring the U.S. division of Faith Group Co. in a move that expands the company's resin distribution business.
PolyQuest, of Wilmington, N.C., is forming Renuva Plastics LLC to purchase the operation that will do business as Faith Group USA.
"This acquisition is a bolt-on and extremely complementary to our existing virgin resins distribution and post-consumer/post-industrial manufacturing businesses," PolyQuest CEO John Marinelli said in a statement.
"Using the PET value chain as an example, we now have significant access to all virgin, post-industrial and post-consumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF [bulk continuous filament] [and] strapping," he said.
Privately held PolyQuest calls itself the largest distributor of PET resins in the U.S. and Canada, one of the fastest-growing distributors of polypropylene and high-impact polystyrene resins, and a value-added recycler of PET.
Along with its headquarters, the company has a distribution and recycling facility in Darlington, S.C., and a recycling facility in Farmingdale, N.Y.
Faith Group Co. was founded in 1993 with a focus on trading PET and has expanded over time to include "various thermoplastics," the company said.
"The Faith Group Co. has been the premier distributor of post-industrial thermoplastics (especially PET) in the U.S. and the largest exporter of these products out of the U.S. to the rest of the world over the past quarter of a century. Faith Group USA will continue purchasing and distributing such thermoplastics in the U.S. as well as domestically sourcing these products for the Faith Group Co. to export," PolyQuest said in a statement.
Russell Wilkes is vice president of the newly formed, but similarly named new entity, Faith Group USA.
"The transition at closing from the Faith Group Co. to Faith Group USA will be seamless for our business partners. It is a name change with PolyQuest serving as the new parent company. All employees and locations remain in place," Wilkes said in a statement.
"PolyQuest is the perfect acquirer of this entity as they have the commitment, passion, and economic means to significantly grow and enhance our position in the industry and also expand our presence to supply non-traditional evolving markets such as chemical recycling," he said.