Ascend Performance Materials purchased a majority stake in California-based Circular Polymers for an undisclosed amount, giving Ascend a more consistent supply of PCR.
Circular Polymers uses rotary impact separation technology to process post-consumer, high-performance polymers, including polyamide 6 and 66, PP and PET, from carpet.
Ascend recently launched a sustainable polyamides line called ReDefyne and needed a stronger supply chain.
According to a press release, Circular Polymers has been renamed “Circular Polymers by Ascend.” David Bender, founder and CEO of Circular Polymers, will hold the remaining equity and stay on as CEO of the company.
Bender said the purchase will “accelerate our growth and ensure these materials go back into new long-term, high-performance applications.”
More stories about processors
- Processor secures closed-loop PP recycling deal
- The details on LyondellBasell and Envision’s supply deal
- Evergreen and Peninsula upgrade PET recycling plants