DALLAS—Waste Recovery Inc. ended the year by closing two acquisition deals—the purchase of U.S. Tire Recycling Partners L.P. in Concord, N.C., and the buyout of its partner's interest in WR-Illinois, which operates two tire-derived fuel plants in Illinois. U.S. Tire Recycling collects and processes or disposes about 6 million scrap tires annually from North Carolina, South Carolina, Virginia and parts of Georgia and Tennessee. UST's operations include a shredding facility, which produces TDF and drainfill material, and a tire monofill.
With the acquisition of UST, Dallas-based Waste Recovery said its combined operations will be processing more than 27 million tires per year, or about 10 percent of the scrap tires generated annually in the U.S. WRI operates five other plants in the U.S. and is one of the largest producers of TDF in North America.
Under the purchase agreement, the partners of UST will receive a combination of newly issued shares of WRI common stock and convertible subordinated debt. Martin Bernstein, who remains UST chairman, and former UST President Andrew Bodner have joined WRI's board of directors as representatives of UST's former owners. A third representative will be elected to the board during the company's annual shareholders' meeting this spring.
David Greenstein, former UST executive vice president, will serve as president of the new subsidiary and senior vice president of WRI.
Meanwhile, WRI expects to more than double its economic interest in two Illinois plants after acquiring NIPSCO Industries Inc.'s 55-percent share in the projects, which opened last year. In return for its interest, NIPSCO receives 1.1 million shares of WRI common stock.