PHOENIX (Feb. 19, 2003)—Tire recycling firm LandStar Inc. has sold crumb rubber producer PolyTek Rubber & Recycling Inc. and its subsidiaries, according to a press release.
LandStar provided no details of the sale, except to say that it sold PolyTek “on advice from its investment bankers to reduce corporate debt and dispose of non-performing assets.”
On Feb. 1, PolyTek Pennsylvania Inc. transferred ownership of LandStar's crumb rubber plant in Chambersburg, Pa., to Edge Rubber Pennsylvania L.L.C., the security holder on the facility. LandStar purchased PolyTek in early 2001, and in October 2002 announced plans to purchase a building in the Columbus, Ohio, area to set up a rubber recycling plant to be supplied with rubber from Chambersburg.
No one answered calls to two company phone numbers, and a public relations professional listed as LandStar's PR representative on the LandStar Web site said the company hadn't been his client for the past 18 months.