LYNNFIELD, Mass. (Aug. 26, 2005) — Tire recycler GreenMan Technologies Inc. sunk deeper into the red in its third fiscal 2005 quarter ended June 30, losing $1.8 million on sales of $8.8 million.
For the nine months, net losses totaled $5.5 million on sales of $24.5 million.
GreenMan CFO Chuck Coppa said the company has sold its property in Wisconsin and now is consolidating its Midwestern operations at its plant in Savage, Minn. It also is streamlining its Southeastern operations, raising prices for tire collection services where it can and dropping that business where it can't, Mr. Coppa said.
The company soon will make a decision as to the disposition of its LaVergne, Tenn., facility, in the light of its arrangement with Orlando, Fla.-based crumb rubber producer TIRES Inc., he added.