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PolyQuest Inc., a distributor of polyethylene terephthalate (PET) resins and manufacturer of recycled PET resins headquartered in Wilmington, North Carolina, has formed Renuva Plastics LLC, a subsidiary of PolyQuest dba Faith Group USA, which will acquire the US division of Faith Group Co. Based in New Jersey, The Faith Group Co. is a distributor of post-industrial thermoplastics, particularly PET, in the United States and is one of the largest exporters of these products outside the United States. -United.
According to a press release from PolyQuest, Faith Group USA plans to continue purchasing and distributing thermoplastics in the United States as well as sourcing domestic products for Faith Group Co. for export. PolyQuest says that Renuva’s operations will drive the operations of Faith Group USA, with PolyQuest serving as the parent company.
The company said it could not share the additional terms of the acquisition.
“This acquisition is a bolt-on and extremely complementary to our existing virgin resin distribution and post-consumer / post-industrial manufacturing activities,” said John Marinelli, CEO of PolyQuest. “Taking the example of the PET value chain, we now have significant access to all virgin, post-industrial and post-consumer products in the resin producers’ supply chain through resin consuming applications such as bottles, sheets, films, staple textile fibers, textile filaments, BCF, strapping and finally consumers as the case may be. We have become a supplier and customer for almost every segment of the value chain, and we will use this position to further strengthen our relationships and create value for our business partners. “
Prior to this acquisition, PolyQuest had invested heavily in virgin and post-consumer production of PET products. Marinelli tells Recycle today that this acquisition will give it “a solid foothold” in the post-industrial segment of the PET value chain. “This further enhances our one-stop-shop business model. We can supply our customers with virgin, post-consumer and post-industrial raw materials, and we can also recover their post-industrial waste streams generated in their manufacturing operations. ”
Russell Wilkes will be vice president of the new Faith Group USA. He said: “I am very excited to continue to lead our loyal and dedicated employees, as well as to nurture and develop our relationships with our suppliers and customers which have developed over decades. PolyQuest is the perfect acquirer of this entity as they have the commitment, passion and the economic means to significantly develop and improve our position in the industry and also to expand our presence to supply non-traditional evolving markets. such as chemical recycling. The transition from closing Faith Group Co. to Faith Group USA will be smooth for our business partners; this is a name change, PolyQuest being the new parent company. All employees and locations remain in place.
Young Liu, President and Principal Owner of Faith Group Co., said, “We are very pleased with PolyQuest’s structure of this acquisition and look forward to working with them on exports and other potential areas in the future. We also appreciate the contribution of Russell Wilkes and all of our employees over the decades and wish Faith Group USA every success under the leadership of PolyQuest.
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