Green Arc Tire is a five-month old company started by Mike DiCenzo, a Canadian with more than 30 years' experience in the used tire, casings and recycling industries, with financial backing from Phoenix Capital Partners, a Toronto venture capital firm, and Bancorp Financial Services Inc., a Vancouver mortgage fund management firm.
Mr. DiCenzo, CEO and COO of Green Arc Tire, put the investment last November to start Green Arc Tire at $37 million (Canadian), with production of 3 million passenger, light truck and SUV tires — predominantly winter specification — a year projected at the new plant. The operation is being assembled inside a 400,000-sq.-ft. vacant building that used to house a Dana Corp. truck chassis plant.
Mr. DiCenzo originally had hoped to be in production by March, but now says production should start around May 1, owing to longer-than-anticipated permitting process.
“The time is proper to do this,” he said in an interview with Tire Business, noting Quebec's mandatory winter tire law and growing sentiment in other provinces toward similar measures.