Carlisle, Iowa -- GreenMan Technologies, Inc., a US-based tyre recycling company, has acquired Welch Products, Inc.
The transaction, which was completed on 1 Oct, is structured as a share exchange in which 100 percent of Welch Products' common stock will be exchanged for 8 million shares of GreenMan's common stock, according to Welch's 2 Oct statement.
As part of the aqusition, GreenMan will also receive Welch's playground business -- Playtribe Inc.
"Welch Products has developed strong brand names and high levels of customer satisfaction in the playground marketplace with premium products' compelling safety profile and endorsements by various public and private organisations,â€ said Lyle Jensen, president and chief executive officer of GreenMan Technologies, in the statement.
â€œThe marriage of GreenMan and Welch/Playtribe allows both companies to build on each other's strengths and opens up a new billion dollar market,' he added.
Carlisle, Iowa-based Welch Products specialises in design, product development, and manufacturing of environmentally responsible products using recycled rubber. The company makes playground safety tiles, roadside anti-vegetation products, construction moulds and highway guardrail rubber spacer blocks.ss
Press releasefrom Welch Products