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December 17, 2018 01:00 AM

Pyrolyx relocating headquarters to U.S.; postpones business meeting

European Rubber Journal
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    MUNICH — Carbon black reclaim processor Pyrolyx A.G. is planning to move its headquarters to the U.S. from Germany to "more closely align" the company with the U.S. market, which it expects to generate most of its business going forward, the company said recently.

    The company, which is building a pyrolysis-based carbon black reclaim plant in Terre Haute, Ind., that's expected on stream early in 2019, also postponed a Dec. 12 extraordinary general meeting arranged for a vote of no confidence in chief financial officer Sven Eric Molzahn,

    Pyrolyx earlier this year said it had terminated Mr. Molzahn's contract for undisclosed reasons; the company did not respond to European Rubber Journal inquiries for further details.

    The postponement for "logistical reasons" continues months of turmoil at Pyrolyx, which also has seen a change of chairman and moves to close the company's headquarters in Munich and transfer functions to the U.S.

    The company added that Pyrolyx USA Inc. CEO Thomas Redd was set to appoint a global CFO, and that a consulting agreement with founder and former Chairman Niels Raeder had been terminated.

    This followed the company's June 14 announcement that Mr. Raeder had "decided to hand over" chairmanship to Bernhard Meder — a main shareholder and senior executive of CCT A.G. (carbon clean tech), when it was integrated into Pyrolyx in 2015.

    Mr. Raeder started Pyrolyx in 2008 and led expansions, such as its majority takeover of U.S. pyrolysis firm ReKlaim Inc. — a deal linked to a 2017 IPO on the Australian Securities Exchange — and a project to build the world's biggest rCB plant in Terre Haute.

    According to the June announcement, Mr. Raeder was to have continued serving as an adviser and support Pyrolyx's international expansion and strategic partnerships with the international tire and carbon black industry.

    In its latest update, Pyrolyx added that it would complete the construction of its Terre Haute plant by May. Operations to produce rCB from scrap tires are due to start soon after.

    That project, in turn, prompted tire recycler J&R Used Tire Service Inc. to locate a tire-shredding facility in Newport, Ind., primarily to supply feedstock to the Pyrolyx plant.

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