PolyQuest forms Renuva Plastics, acquires Faith Group
PolyQuest forms Renuva Plastics, acquires Faith Group
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PolyQuest Inc., a distributor of polyethylene terephthalate (PET) resins and a manufacturer of recycled PET resins that is headquartered in Wilmington, North Carolina, has formed Renuva Plastics LLC, a subsidiary of PolyQuest dba Faith Group USA, which will acquire the U.S. division of the Faith Group Co. Headquartered in New Jersey, The Faith Group Co. is a distributor of postindustrial thermoplastics, particularly PET, in the U.S. and serves as one of the largest exporters of these products out of the U.S.
According to a news release from PolyQuest, Faith Group USA plans to continue purchasing and distributing thermoplastics in the U.S. as well as domestically sourcing these products for the Faith Group Co. to export. PolyQuest says Renuva operations will run Faith Group USA’s operations, with PolyQuest serving as the parent company.
The company says it cannot share additional terms of the acquisition.
“This acquisition is a bolt-on and extremely complementary to our existing virgin resins distribution and postconsumer/postindustrial manufacturing businesses,” says John Marinelli, CEO of PolyQuest. “Using the PET value chain as an example, we now have significant access to all virgin, postindustrial and postconsumer 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 and ultimately consumers as applicable. We have become a supplier and customer to almost every segment of the value chain, and we will use this position to further strengthen our relationships and drive value for our business partners.”
Prior to this acquisition, PolyQuest had been heavily invested in virgin and postconsumer production of PET products. Marinelli tells Recycling Today that this acquisition will give it "a solid foothold" in the postindustrial segment of the PET value chain. "This further enhances our one-stop shopping business model. We can provide our customers with virgin, postconsumer and postindustrial feedstocks, and we can also take back their postindustrial waste streams generated in their manufacturing operations."
Russell Wilkes will serve as vice president of the newly formed Faith Group USA. He says, “I am very excited to continue leading our loyal and dedicated employees as well as nurturing and growing our supplier and customer relationships that have been developed over several decades. PolyQuest is the perfect acquirer of this entity as they have the commitment, passion and economic means to significantly grow and enhance our position in the industry and also expand our presence to supply nontraditional evolving markets such as chemical recycling. The transition at closing from the Faith Group Co. to Faith Group USA will be seamless for our business partners; it is a name change, with PolyQuest serving as the new parent company. All employees and locations remain in place.”
Young Liu, president and primary owner of the Faith Group Co., says, “We are very satisfied with PolyQuest’s structure of this acquisition and look forward to working with them regarding exports and other potential areas in the future. We also appreciate the contribution of Russell Wilkes and all of our employees over the decades and wish great success to Faith Group USA under the leadership of PolyQuest.”
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Source: Recycling Today
PolyQuest forms Renuva Plastics, acquires Faith Group
<![CDATA[PolyQuest Inc., a distributor of polyethylene terephthalate (PET) resins and a manufacturer of recycled PET resins that is headquartered in Wilmington, North Carolina, has formed Renuva Plastics LLC, a subsidiary of PolyQuest dba Faith Group USA, which will acquire the U.S. division of the Faith Group Co. Headquartered in New Jersey, The Faith Group Co. is a distributor of postindustrial thermoplastics, particularly PET, in the U.S. and serves as one of the largest exporters of these products out of the U.S.According to a news release from PolyQuest, Faith Group USA plans to continue purchasing and distributing thermoplastics in the U.S. as well as domestically sourcing these products for the Faith Group Co. to export. PolyQuest says Renuva operations will run Faith Group USA’s operations, with PolyQuest serving as the parent company.The company says it cannot share additional terms of the acquisition.“This acquisition is a bolt-on and extremely complementary to our existing virgin resins distribution and postconsumer/postindustrial manufacturing businesses,” says John Marinelli, CEO of PolyQuest. “Using the PET value chain as an example, we now have significant access to all virgin, postindustrial and postconsumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet,…