Nova, Envirokare sell LRM joint venture
Thermoformer LRM Industries LLC was acquired from Nova Chemicals Inc. and Envirokare Tech, Inc., which have owned t...
Thermoformer LRM Industries LLC was acquired from Nova Chemicals Inc. and Envirokare Tech, Inc., which have owned the company as a joint venture since 2005.
A group of investors led by Zesiger Capital Group LLC funded the transaction of the Rockledge, Fla.-based company and renamed it LRM Industries International Inc.
LRM had been a joint venture of Calgary. Alta.-based Nova Chemicals Inc. and Envirokare Tech Inc. since 2005.
LRM manufactures long-fiber-reinforced structural thermoplastic parts for use in a variety of applications previously limited to wood, metal, or concrete components. End markets include automotive, military, agricultural, marine, medical, waste management, aerospace, and building and construction.
LRM’s manufacturing facility operates three large-scale production lines custom-engineered by the company to use its ThermoPlastic Flowforming and Sheetless Thermoforming technologies.
Jim Callough, president and CEO of the new LRM, said Nova and Envirokare helped LRM transform from a technology developer to a manufacturing operation.