Bond Issuance for Terre Haute Recycling Plant Approved
(photo courtesy: Pixabay/F. Richter)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe Terre Haute City Council has unanimously approved the issuance of bonds for the expansion of a tire recycling plant, which could result in the addition of 50 jobs.
According to the Tribune-Star, Pyrolyx USA intends to add a second recycling plant on land adjacent to the current Vigo County facility.
The city council approved the municipal bond issue of a maximum of $70 million to finance the construction of the solid waste plant.
The publication says staffing for the new plant would require hiring about 50 people with an estimated annual payroll of $2.5 million.
The paper reports Pyrolyx extracts carbon black, oil and metal from waste tires to produce raw materials for the rubber and plastics industries. The carbon black is then reused in the production of new tires, according to the company.
In November, the company announced it had reached a five-year agreement with Continental Tire to supply recovered carbon black.
“This supply agreement is an extremely positive development for Pyrolyx and validates our approach to the recovery of carbon black from end-of-life tires and the acceptance of rCB globally. The validation of Pyrolyx’s rCB is a ‘game changer’ for Pyrolyx and the recovered carbon black industry,” said Pyrolyx USA Chief Executive Officer Thomas Redd.
The company says it hopes to be operational with the second plant by mid-2021.
To read the Tribune-Star coverage, click here.