ITW's plastics recycling assets up for sale
By Editorial Staff, Resource Recycling
Illinois Tool Works (ITW) announced it's following through on plans to sell its industrial packaging business, a division that includes plastics recycling firms Signode Recycling and Blue Ridge Plastics.
In April, ITW indicated it was considering putting the packaging division on the block as part of a downsizing process. Last week the company explained it had decided to move forward with the action after assessing the current debt market as well as reactions from possible buyers.
Blue Ridge operates a 140,000 square-foot facility in Eden, North Carolina. Florence, Kentucky-based Signode Recycling is a major PET recycler, especially for green PET. Signode's primary business is manufacturing plastic strapping, and the company's recycling arm is located next to one of the company's four North American strapping plants.
ITW's stock price jumped 3 percent in the wake of the sale announcement.