TAMPA, Fla.-Viking Management Group Inc. has bought National Tire Recycling Inc. in Tampa for an undisclosed amount, according to Ray Bouchard, vice president of mergers and acquisitions for Tampa-based Viking. The July 1 acquisition comes on the heels of Viking's becoming a publicly held company May 19, with its shares traded on the NASDAQ exchange. CEO Mark A. Taylor said the revenues from stock sales are being used to purchase new companies.
Under the recent acquisition, National Tire Recycling becomes a wholly owned subsidiary of Viking, said Mr. Bouchard.
National Tire Recycling currently culls, die-cuts and shreds scrap tires for tire-derived fuel, but Viking plans to use the plant to recycle waste tires into retail products, such as rubber mats and bed liners, according to Mr. Bouchard.
``We're looking to go the complete cycle, start to finish, 360 degrees,'' he said, noting that the plant's name will not change.
Production at the plant will be improved through the use of more efficient equipment and the researching of new markets for recycled rubber, Mr. Bouchard added.
National Tire's president, Don Hawkins, will remain with the company for an ``extended period of time,'' Mr. Bouchard said.
Viking Management Group operates as a holding company, providing financial backing for the expansion and improvement of its subsidiaries. The company's main interest is in processing waste materials, like rubber, paper and plastic, into raw materials and producing finished products from them, he said.
CEO Mr. Taylor also is president of another tire recycling company in Tampa, Viking Recycling Inc., which was to have been folded into Viking Management during a directors' meeting in mid-July.
Viking Recycling, which culls and shreds scrap tires for tire-derived fuels and landfilling, is needed to bolster the firm's tire-processing capacity, Mr. Bouchard said.
Viking Management Group is currently in the process of buying another company, but Mr. Bouchard declined to divulge details.