Skip to main content
Sister Publication Links
  • Rubber News
  • European Rubber Journal
Subscribe
  • Login
  • Register
  • Subscribe
  • Current Issue
  • Mid-Year Report
  • ADAS
  • News
    • OPINION
    • BUSINESS/FINANCIAL
    • COMMERCIAL TIRE
    • GOVERNMENT & LAW
    • Humanitarian Award
    • RETAIL TIRES
    • SERVICE ZONE
    • TIRE MAKERS
    • Best Places to Work
    • RUSSIA WAR IN UKRAINE
  • Data
    • DATA STORE
  • Custom
    • SPONSORED CONTENT
  • Resources
    • Events
    • DIRECTORY
    • CLASSIFIEDS
    • SHOP FLOOR
    • AWARDS
    • ASK THE EXPERT
    • LIVESTREAMS
    • WEBINARS
    • SEMA LIVESTREAMS
    • RUBBER NEWS EVENTS
    • BALANCING
    • DEMOUNTING
    • SAFETY
    • TIRE REPAIR
    • TPMS
    • TRAINING
    • VEHICLE LIFTING
    • WHEEL TORQUE
    • Best Places to Work
  • ADVERTISE
  • DIGITAL EDITION
MENU
Breadcrumb
  1. Home
May 24, 2004 02:00 AM

Recycler seeking capital

Miles Moore
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Trying to solidify its business, tire recycler GreenMan Technologies Inc. has hired an investment bank to help it secure new capital.

    Meanwhile, the state of Iowa has granted GreenMan a $196,000 low-interest loan to fund new scrap tire processing equipment at its Des Moines, Iowa, plant.

    Pembroke, Mass.-based Array Financial Services Inc. is now GreenMan's exclusive financial adviser, according to GreenMan. The firm describes Array as an investment bank ``specializing in the corporate finance needs of dynamic, middle-market companies.''

    Lynnhaven-based GreenMan-previously one of the most expansion-minded of all tire recycling companies, with operations in a number of states-has had trouble obtaining capital since its primary lender, Coast Business Credit, collapsed last year.

    Since hiring Array, GreenMan has had ``double-digit meetings'' with potential lenders, according to GreenMan CFO Chuck Coppa. ``We think they've done a wonderful job in getting us meetings with people whom we'd never talked to before,'' Mr. Coppa said.

    As for the Iowa loan, the state officially has approved it, and ``we're just finishing the paperwork,'' Mr. Coppa said. He added that the company expects to have the money in hand by the end of May.

    Lack of funds has stymied a number of GreenMan's most important projects, such as creation of a full-fledged crumb rubber processing operation at its LaVergne, Tenn., facility and re-establishment of waste wire processing operations at its Jackson, Ga., plant. The latter operations have been closed since a March 31, 2003, fire at the facility.

    Mr. Coppa said the company has made ``very good strides'' in Jackson and now hopes to reopen operations there during June. As for the Tennessee plant, Mr. Coppa said the company's current fundraising efforts are slanted mainly toward financing new tire shredding equipment there.

    ``Our ultimate plan is to have the Tennessee plant be a `soup-to-nuts' facility, much like our Iowa plant, with tire shredders, rubber granulators and raspers for waste wire processing,'' he said.

    Letter
    to the
    Editor

    Do you have an opinion about this story? Do you have some thoughts you'd like to share with our readers? Tire Business would love to hear from you. Email your letter to Editor Don Detore at [email protected].

    Most Popular
    1
    Conti rolls out new taglines for Conti, General brands
    2
    Discount Tire installs RoboTire at Arizona store
    3
    Yokohama's operating profits drop despite higher sales
    4
    Average executive salaries found in Tire Talent report
    5
    Icahn auto reports Q1, 1st half losses on lower sales
    SIGN UP FOR NEWSLETTERS
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    Newsletter Center

    Staying current is easy with Tire Business delivered straight to your inbox.

    SUBSCRIBE TODAY

    Subscribe to Tire Business

    SUBSCRIBE
    Connect with Us
    • Facebook
    • LinkedIn
    • Twitter
    • RSS

    Our Mission

    Tire Business is an award-winning publication dedicated to providing the latest news, data and insights into the tire and automotive service industries.

    Reader Services
    • Staff
    • About Us
    • Site Map
    • Industry Sites
    • Order Reprints
    • Customer Service: 877-320-1716
    Partner Sites
    • Rubber News
    • European Rubber Journal
    • Automotive News
    • Plastics News
    • Urethanes Technology
    RESOURCES
    • Advertise
    • Privacy Policy
    • Privacy Request
    • Terms of Service
    • Media Guide
    • Editorial Calendar
    • Classified Rates
    • Digital Edition
    • Careers
    • Ad Choices Ad Choices
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Mid-Year Report
    • ADAS
    • News
      • OPINION
      • BUSINESS/FINANCIAL
      • COMMERCIAL TIRE
      • GOVERNMENT & LAW
      • Humanitarian Award
      • RETAIL TIRES
      • SERVICE ZONE
      • TIRE MAKERS
      • Best Places to Work
      • RUSSIA WAR IN UKRAINE
    • Data
      • DATA STORE
    • Custom
      • SPONSORED CONTENT
    • Resources
      • Events
        • ASK THE EXPERT
        • LIVESTREAMS
        • WEBINARS
        • SEMA LIVESTREAMS
        • RUBBER NEWS EVENTS
      • DIRECTORY
      • CLASSIFIEDS
      • SHOP FLOOR
        • BALANCING
        • DEMOUNTING
        • SAFETY
        • TIRE REPAIR
        • TPMS
        • TRAINING
        • VEHICLE LIFTING
        • WHEEL TORQUE
      • AWARDS
        • Best Places to Work
    • ADVERTISE
    • DIGITAL EDITION