IE Business Daily Business news for the Inland Empire.
An Ohio company has announced its plans to buy CarbonLITE’s PET recycling facility in Riverside.
Evergreen, the plastic recycling division of Greenbridge in Mentor, Ohio, plans to buy the 220,000-square-foot facility at 875 Michigan Ave. for an undisclosed sum, according to a statement released Tuesday.
Further details of the transaction were not disclosed.
CarbonLITE is a subsidiary of HPC Industries in Los Angeles, a plastics and resin manufacturing company. Its Riverside facility, which recycles plastic bottles, opened in 2012 and recycles an estimated 200 million pounds of plastic bottles a year.
CarbonLITE filed for Chapter 11 bankruptcy protection in March, citing market downturns and other fallout from COVID-19.
PET stands for polyethylene terephthalate, a version of polyester that’s molded into plastic bottles. It’s also used to make containers for packaging food and beverages, personal care products other consumer items, according to www.petresin.org.
