PolyQuest subsidiary acquires U.S. division of Faith Group
The bolt-on acquisition is complementary to PolyQuest’s existing PET resins distribution and post-consumer/post-industrial manufacturing businesses.
PET resin distributor PolyQuest Inc. has announced the formation of Renuva Plastics LLC, which will acquire the U.S. division of the Faith Group Co.
The financial terms of the deal have not been disclosed.
Renuva Plastics is a wholly owned subsidiary of PolyQuest doing business as Faith Group USA.
In a news release, PolyQuest officials describes The Faith Group as “the premier distributor of post-industrial thermoplastics — especially PET — in the U.S. and the largest exporter of these products over the past quarter of a century”.
Faith Group USA will continue purchasing and distributing thermoplastics in the U.S. and domestically sourcing them for the Faith Group Co. to export, the news release said.
Described as a bolt-on acquisition that is complementary to PolyQuest’s existing virgin resins distribution and post-consumer/post-industrial manufacturing businesses, the add on makes PolyQuest a “supplier and customer to almost every segment of the value chain,” said PolyQuest CEO John Marinelli. “Using the PET value chain as an example, we now have significant access to all virgin, post-industrial, and post-consumer products in the supply chain, from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF, strapping, etc., and ultimately consumers as applicable. We will use this position to further strengthen our relationships and drive value for our business partners.”
PolyQuest is headquartered in Wilmington, N.C., and operates facilities in Darlington, S.C., and Farmingdale, N.Y. The company distributes PET resins in the U.S. and Canada.