Otto completes refinancing effort

Otto completes refinancing effort
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Residential waste and recycling cart manufacturer Otto Environmental Systems North America Inc. (OESNA), Charlotte, North Carolina, has reported its refinancing effort has been completed. Otto says it spent the last 18 very difficult months going through an operational turn-around.

Its plants needed extensive refurbishment in order to handle increased sales volumes. During this period Otto says invested over $18 million into its infrastructure. To assist its continued growth, Otto elected to raise outside capital.

“We considered several options including investments from strategic investors and PE (private equity) firms to finance our balance sheet,” the company says in a press release. “After a long review of the various options, we are proud to report our current Canadian lender has agreed to expand our existing credit facility.”

According to the company, the restructuring will result in a stronger balance sheet and liquidity for the company.
Looking forward with new molds and machines in place, Otto is poised to increase production by 20 percent. Future investment is geared towards operational systems that increase production efficiencies, cloud-based technologies that improve field-to-desktop fleet monitoring within Otto’s logistics portal, and R&D activities to expand on existing product lines, RFID projects and market segments.

“The investment in infrastructure is part of Otto’s promise to serve customers, suppliers and overall network with additional capacity, shorter lead times, improved customer service, and better overall communication,” the company says.

Otto Environmental Systems North America Inc. (OESNA): Otto Environmental Systems North America, Inc. (OESNA) is a manufacturer of waste containers for residential, commercial and retail markets. OESNA also has a container service division that provides residential waste container logistics, distribution, servicing and repairing, as well as a custom molding division that offers product design and manufacturing for automotive, consumer goods, and material handling sectors.

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Source: Recycling Today
Otto completes refinancing effort
<![CDATA[Residential waste and recycling cart manufacturer Otto Environmental Systems North America Inc. (OESNA), Charlotte, North Carolina, has reported its refinancing effort has been completed. Otto says it spent the last 18 very difficult months going through an operational turn-around. Its plants needed extensive refurbishment in order to handle increased sales volumes. During this period Otto says invested over $18 million into its infrastructure. To assist its continued growth, Otto elected to raise outside capital. “We considered several options including investments from strategic investors and PE (private equity) firms to finance our balance sheet,” the company says in a press release. “After a long review of the various options, we are proud to report our current Canadian lender has agreed to expand our existing credit facility.” According to the company, the restructuring will result in a stronger balance sheet and liquidity for the company. Looking forward with new molds and machines in place, Otto is poised to increase production by 20 percent. Future investment is geared towards operational systems that increase production efficiencies, cloud-based technologies that improve field-to-desktop fleet monitoring within Otto’s logistics portal, and R&D activities to expand on existing product lines, RFID projects and market segments. “The investment in…