PolyQuest Inc., a distributor of PET resins and manufacturer of recycled PET resins in North America, has announced the formation of Renuva Plastics LLC, which will acquire the US division of the Faith Group Co. Renuva Plastics is a wholly owned subsidiary of PolyQuest doing business as Faith Group USA.
The Faith Group Co. has been the premier distributor of post-industrial thermoplastics — especially PET — in the United States and the largest exporter of these products over the past quarter of a century, said PolyQuest in the announcement. Faith Group USA will continue purchasing and distributing thermoplastics in the United States and domestically sourcing them for the Faith Group Co. to export.
Described as a bolt-on acquisition that is complementary to PolyQuest’s existing virgin resins distribution and post-consumer/post-industrial manufacturing businesses, the add on makes PolyQuest a “supplier and customer to almost every segment of the value chain,” said PolyQuest CEO John Marinelli. “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,” explained Marinelli. “We will use this position to further strengthen our relationships and drive value for our business partners.”
PolyQuest is the perfect buyer for this business, added Russell Wilkes, Vice President of the newly formed Faith Group USA. “It has the commitment, passion, and economic means to significantly grow and enhance our position in the industry and also expand our presence to supply non-traditional evolving markets such as chemical recycling.” The transition will be seamless for business partners, he said, and all employees and locations will remain in place.
Privately held PolyQuest is headquartered in Wilmington, NC, and operates facilities in Darlington, SC, and Farmingdale, NY. It also maintains an office in Austria.