PolyQuest has completed a new acquisition that will complement its distribution and manufacturing processes of lightweight plastics, company officials said.
The Wilmington-based company has formed Renuva Plastics to acquire the U.S. division of Faith Group Company, according to a news release this week.
Renuva Plastics is a wholly-owned subsidiary of PolyQuest doing business as Faith Group USA.
Officials did not disclose the terms of the deal.
Faith Group Company is a “premier distributor of post-industrial thermoplastics (especially PET) in the U.S. and the largest exporter of these products out of the U.S. to the rest of the world over the past quarter of a century,” the release stated.
PET resins, which stands for polyethylene terephthalate, are in the polyester family and are used for bottles, jars, containers and packaging applications, according to the PET Resin Association.
PolyQuest distributes PET resins and manufactures recycled PET resins.
Under Faith Group USA, PolyQuest will continue purchasing and distributing these thermoplastics in the U.S. as well as domestically sourcing the products for the Faith Group Company to export.
“Using the PET value chain as an example, we now have significant access to all virgin, post-industrial and post-consumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF, strapping, etc., and ultimately consumers as applicable,” PolyQuest CEO John Marinelli said in the release.
“We have become a supplier and customer to almost every segment of the value chain, and we will use this position to further strengthen our relationships and drive value for our business partners,” he added.
Russell Wilkes will serve as vice president of the newly formed Faith Group USA. All employees and locations for Faith Group Company will remain the same, he said in the release.