PET distributor acquires N.Y based recycling facility
NEW YORK : PET distributor PolyQuest Inc. has purchased a recycling unit based in East Farmingdale, N.Y. PQ Recycling, an affiliate of PolyQuest Inc. will take over the facility currently owned by Pure Tech, an affiliate of Chicago-based Re:Think Recycling Group LLC. The unit will produce PET flake primarily from post-consumer PET bottles collected in the northeastern United States.
Pure Tech had stopped production at the facility following a law suit filed against them by Coca-Cola Co on charges of breach of contract. The suit, filed in March 2012 in U.S. District Court in Atlanta, claimed that Pure Tech did not pay the principal on a $3 million loan from Coca-Cola Financial Corp. and that the company owed $1.99 million, plus interest, to Coca-Cola Recycling LLC.
PolyQuest acquired the plant and assets from Pure Tech Recycling LLC. The plant will produce PET pellets for all PET applications. Established in 2000, PolyQuest offer one of the broadest resin catalogs in the hemisphere serving every major end application for PET including bottle, sheet, strapping, compounding, film and fiber. PolyQuest is also one of the fastest growing RPET producers in North America.