A company that recycles HDPE into composite lumber has acquired another manufacturer in the same space.
Aurora, Ill.-based Tangent Technologies announced on March 23 that it had acquired Bedford Technology. Terms of the deal, which was finalized in late February. were not disclosed.
Both companies use post-consumer HDPE as a feedstock. Tangent’s lumber is used in outdoor furniture, site amenities, structural applications and marine decking, according to the release.
Bedford, based in Worthington, Minn., shares some of those same markets, producing structural and semi-structural products for marine infrastructure, boardwalks, fencing and other industrial applications.
“We are excited to partner with Bedford and expand the combined plastic lumber product lines and solutions,” Guy DeFeo, CEO of Tangent, stated in a press release. “With the addition of Bedford, we will build a broader facility footprint across North America as well as build one of the best alternative material innovation organizations for our customers.”
In the release, Jeff Breitzman, CEO and President of Bedford Technology said his company is “looking forward to increasing sustainable manufacturing capabilities and expanding our innovation capabilities through this partnership with Tangent.”
Tangent is owned by The Sterling Group, a Houston-based private equity firm. Last year, The Sterling Group acquired PolyChem, a Mentor, Ohio-based manufacturer that recycles post-consumer PET into strapping.
More stories about HDPE
- The details on LyondellBasell and Envision’s supply deal
- Scientists combine chemistry, biology to recycle mixed plastics
- FDA greenlights a dozen resin recycling processes