Ascend buys majority stake in recycler Circular Polymers
Canadian PlasticsMaterials Recycling
California-based Circular Polymers reclaims and reprocesses post-consumer carpet.
Ascend Performance Materials has purchased a majority stake in California-based Circular Polymers, a recycler of post-consumer, high-performance polymers including polyamide 6 and 66, polypropylene, and polyester (PET)
The financial terms of the deal have not been disclosed.
David Bender, founder and CEO of Circular Polymers, will hold the remaining equity and stay on as CEO of the company, Ascend officials said in a Nov. 8 news release.
Circular Polymers, which as part of the deal is renamed Circular Polymers by Ascend, reclaims and processes post-consumer carpet and has redirected approximately 85 million pounds of waste from landfills into new goods since 2018.
Circular Polymers employs about 60 at a plant in Lincoln, Calif.
In a news release, officials with Houston-based Ascend said the deal provides the firm with a consistent supply of high-quality post-consumer materials for its ReDefyne-brand sustainable nylon resins, which it launched at the recent K 2022 trade show. Ascend has committed to reducing its greenhouse gas emissions by 80 per cent by 2030.