JACKSON, Ga. (March 7, 2006) — Tire recycler GreenMan Technologies Inc. has completed sale of all the assets relating to its crumb rubber and waste wire processing plant in Jackson.
GreenMan announced the pending sale in January, describing the Jackson facility as a money drain on the firm. The company sold the Georgia plant's truck tire processing equipment and scrap truck tire contracts to Florida-based TIRES Inc. for $155,000 and the termination of a previous agreement for GreenMan to buy some of TIRES' assets.
It also sold its passenger tire equipment and contracts to MTR of Georgia Inc. for $250,000. Aggregate losses emanating from the Jackson plant totaled $8.3 million in the fiscal year ended Sept. 30, 2005, and $746,000 in the quarter ended Dec. 31, 2005, GreenMan said in a press release.