According to the latest news from the US plastic industry one of the renowned names in the United States plastic sector Geo-Tech Polymers LLC is all set to open its new recycling facility. According to the news that has surfaced since last couple of days the facility will boost the total capacity of the manufacturing plant up to 150 percent which is a significant figure in the sector.
Stake holders are pretty happy and have overwhelmingly welcomed the move as it will help all them get benefitted. One thing that is peculiar about Geo-Tech is that it has a proprietary process that enables it to recycle coated plastics that are used in consumer and automotive applications. It is able to remove coatings such as paints and metals from plastic substrate materials without using chemicals or solvents that degrade or diminish material properties.
In order to materialize the concept in practice the company has taken a 123,000 square foot facility in Waverly, Ohio Ohio, and is busy installing its second line and hopes to have it ready in the first quarter of 2013. Repports from various sources also says that The company has leased a 123,000 square foot facility in Waverly, Ohio, and is busy installing its second line and hopes to have it ready in the first quarter of 2013. Collins said that the company wanted to stay in Pike County and it found a building that formerly housed a modular home manufacturer. It is only an hour south of their current facility in Westerville, Ohio.
While talking with media experts and industry players, he said Geo-Te ch is also benefitting from its June acquisition by waste management and recycling services company Wastren Advantage Inc. The deal allowed Wastren to diversify its portfolio outside of government contracts and gave Geo-Tech capital necessary to expand its business.
For the Waverly expansion, Geo-Tech will receive a $460,000 loan obtained from the Pike Commissioners through the Community Block Grant Program Economic Development Program. It also received a $50,000 grant from the Fluor-B&W Opportunity Fund, a $10,000 grant from the Southern Ohio Agricultural and Community Development Foundation, a $1.2 million loan through the Jobs Ohio Program and a $50,902 Job Creation Tax Credit. The balance of the project is being financed locally by Ohio Valley Bank.
