ERJ staff report (TB)
Lancaster, Pennsylvania -- ECORE International Inc., manufacturer of commercial and sports surfacing products from recycled rubber, has closed a $40 million recapitalisation and refinancing package concurrent with the announcement of the commercial introduction of its patent-pending â€œitstruâ€ technology.
Announced last October, itstru bonds ECORE's recycled rubber material with a variety of textile wear layers, creating a durable, environmentally sustainable product with backing composed of 98-percent post-consumer content, the company said in a press release. No other manufacturer can boast such a high post-consumer content, according to ECORE.
Approximately 10 percent of the capital investment will be used to consolidate the Hanover, Pa., ECORE recycling facility into the manufacturing plant at York, Pa., without eliminating any jobs, the company said.
â€œThe move will give us over 100 million pounds of refined recycled rubber capacity,â€ said Arthur B. Dodge III, ECORE chairman and CEO. â€œWe will be able to process all forms of scrap rubber as well as efficiently reclaim our own materials in a closed-loop process.â€
ECORE came into existence in January 2008, when the partners in the former Dodge-Regupol Inc. decided to go their separate ways. The other partners formed Regupol America L.L.C.
ECORE's progenitor company, Dodge Cork Co., was founded in 1869.
From Tire Business (A Crain publication)