GreenMan Technologies Inc., the Lynnfield-based tire recycler, has expanded its Southern California operations by its acquisition of American Tire Disposal Inc.
``We've bought their book of business and transportation arm,'' said Chuck Coppa, GreenMan CFO, of his company's purchase of ATD July 21 for an undisclosed sum.
ATD has been absorbed into GreenMan's Southern California operations, he said, and will provide the platform for continued growth in the company's crumb rubber business in that region. The purchase should add more than $1 million annually to GreenMan's revenue, he added.
Expansion-minded GreenMan, with crumb rubber and tire collection operations in several states, suffered a setback in 2003 when its principal lender, Coast Business Credit, collapsed. But a $9 million financing deal completed June 30 with New York-based Laurus Master Fund Ltd. provided new funding for pending projects.