Tire recycler buys composite roofing producer
Composite roofing manufacturer Wellington Polymer Technology Inc. (Chatham, ON) has been purchased by Unisphere Was...
August 23, 2004 by Canadian Plastics
Composite roofing manufacturer Wellington Polymer Technology Inc. (Chatham, ON) has been purchased by Unisphere Waste Conversion Ltd. of Toronto, a vertically integrated recycler of tires, and environmental solutions provider.
In order to finance the acquisition, Unisphere completed a private placement of $11 million secured convertible debentures. The money was earmarked for the acquisition, to pay down some Wellington Polymer debt, to provide working capital, and to add a second production line for Wellington Polymer’s plastic-natural fibre composite roofing product, called Enviroshake.
Enviroshake mimics cedar shakes, and is produced by extrusion and compression molding. The formulation also incorporates tire-derived rubber. According to Unisphere, the demand for Enviroshake currently exceeds supply. The product has been introduced to over 20 states in the U.S.
Unisphere states that the acquisition will strengthen its position as a leader in the remediation and conversion of used tires through the manufacture of products such as roofing materials, shoe soles, commercial and industrial mat and floor tiles, crumb rubber and tire-derived fuel.