GlyEco, Inc. announced it has closed on its asset purchase of Antifreeze Recycling, Inc. Antifreeze Recycling, Inc. focuses on the disposal of waste automotive coolant, and is based in Tea, SD. The transaction closed on October 26, 2012 and is expected to be immediately accretive.
Purchase Agreements for a total of seven existing, profitable recyclers have been announced for 2012.
GlyEco is aggressively buying capacity to meet customer needs in an underserved market. Integration of the company's patent-pending GlyEco Technology will increase production capacity and improve product quality to meet ASTM Type 1 standards – indistinguishable from refinery grade material. This technology allows the company to offer waste glycol recycling services to four additional industries: HVAC, Textiles, Airline and Medical. The majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.
The Antifreeze Recycling, Inc. team, led by founder Robert J. Kolhoff, will continue day-to-day operations of the South Dakota plant. The company plans to increase production as part of its integration plan for patent-pending GlyEco Technology.
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