Alsund acquires a Californian manufacturer of recycled materials
Oyl Functional Materials Inc. announced that it has entered into an agreement to acquire a majority stake in Circular Polymers, a California-based producer of recycled materials. Circular Polymers will subsequently be renamed Circular Polymers by Ascend. David Bender, Founder and Chief Executive Officer of Circular Polymers, will hold the remaining equity interest and continue to serve as Chief Executive Officer of the company. Further details of the deal were not disclosed.
Circular Polymers, which produces post-consumer recycled materials including high performance polymers such as polyamide 6 and polyamide 66, polypropylene and polyethylene terephthalate, uses unique technology to recycle used carpets and process them into high performance materials. Since its launch in 2018, the company has reconverted about 40,000 tons of waste that would otherwise go to landfills into new products. The transaction will provide high quality raw materials for the ReDefyne Redefyne portfolio of recycled polyamide products, the company said.
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