ATLANTA (Sept. 4, 2014) — Lehigh Technologies Inc., manufacturer of micronized rubber powder (MRP) from end-of-life rubber material, has closed an $8 million strategic financing round to support the company’s geographic expansion and technology research.
The company announced Sept. 1 that JSR Corp., a $4 billion specialty chemicals company, joined in the financing process with existing investors Leaf Clean Energy, Kleiner Perkins Caulfield and Byers, and Index Ventures and Florida Gulfshore Capital.
Commercial sales of Lehigh MRP have grown an average of 30 percent annually over the last few years, said Lehigh CEO Alan Barton.
“This latest round of financing will give the company additional resources to drive growth in Europe and Asia, eventually culminating in local manufacturing.”
Lehigh MRP serves as a lower-cost, sustainable specialty chemical that replaces oil-based materials, reduces waste and costs, and provides improved performance in a wide range of end-use markets, according to the company.
Lehigh is a supplier to six of the world’s 10 largest tire manufacturers, and to date Lehigh MRP has been an ingredient in more than 250 million tires, it said.
The company operates the world’s largest MRP manufacturing facility, with annual capacity of 140 million pounds, it said.
When is the last time you attended one of the national tire industry trade shows, such as SEMA, ITEC or the North American Tire & Retread Expo?
|I try and take in at least one show a year.||
|I usually attend one every few years.||
|There are so many tire maker and distributor meetings each year, I don’t see a need to attend one of the national shows.||
|I don’t find value in these shows and haven’t been to one in years.||
|I’d like to but I am too busy||