Pyrolyx A.G. has made of moves to shore up its developing U.S. operations ahead of relocating its HQ to Terre Haute, Ind.
Pyrolyx Invests in the US, Buys Tyre Recycler to Secure Feedstock
In the U.S., Pyrolyx said it has secured additional debt funding of $4.5 million and agreed to buy the assets of tyre recycling business J&R Used Tire Service Inc., which is setting up a tire-shredding facility in Newport, Ind., primarily to supply feedstock to Pyrolyx. The purchase agreement is valued at $4.5 million.
The Newport plant has seen a $2.5M investment that should see it capable of shredding 350,000 passenger tyres a month.
Pyrolyx said purchasing J&R helps it secure the feedstock for its Terre Haute plant and provides it with an opportunity to approach waste tyre generators with a “cradle-to-grave” concept.
In Germany, Pyrolyx has closed its Munich headquarters and transferred many of the global administrative functions U.S.-based based personnel. The company remains in discussions with its workers at its research and design facility in Stegelitz, Germany, about their future.