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.
Titan International and the United Steelworkers union have petitioned the U.S. International Trade Commission and U.S. Department of Commerce seeking relief from OTR tire imports from China, India and Sri Lanka. What’s your opinion?
|I wholeheartedly support their action – something needs to be done.||
|I think it’s a bad idea that could inevitably tie the hands of domestic tire makers.||
|I oppose any duties against tire importers—they only raise costs for distributors and make it harder to obtain inventory.||
|I’m kind of on the fence and not sure what’s right, but need more information before deciding.||
|I don’t really care whether or not relief is granted.||
|Total votes: 78|