By Angie DeRosa Plastics News
Chatham, Ontario-Publicly held tyre-recycling firm Unisphere Waste Conversion Ltd. of Toronto has acquired Wellington Polymer Technology Inc., best known for its Enviroshake composite roofing products.
Under the new ownership, Enviroshake will seek a US manufacturing facility, said John Wypich, Unisphere's president and chief executive officer. Enviroshake currently is made in Chatham-where Wellington is based-from crumb rubber, post-industrial plastics and cellulosic fibre in an extrusion process that replicates the look of cedar shingles.
â€œWe've got about half a dozen [potential] sites identified in the United States,â€ Wypich said in a 12 Aug telephone interview.
Terms of the acquisition were not disclosed. Unisphere specializes in tire recycling, but is focused on becoming a vertically integrated company, officials said. The company plans to add a second production line in Chatham by October to support market demand.
Wellington Polymer Technology was formed in 1998 to create a product that would be marketed in direct competition to natural cedar shakes and other premium roofing products.
â€œWe are very excited about the expansion plans for Wellington Polymer and look forward to our involvement with Unisphere,â€ Dan Warrener, Wellington president, said in a news release. â€œOur Enviroshake roofing product has now been introduced to over 20 [U.S.] states. The demand and size of the roofing market is overwhelming.â€
Unisphere trades on the Toronto Stock Exchange's Venture Exchange. For the quarter ended 31 March, the firm reported sales of C$469,958 (US$359,433) with a net loss of C$1.3 million (US$994,264), which the firm attributed to its transition as a full-scale manufacturer.