A processor and end user of recycled PE benefited from lower recycled plastic prices and greater demand for the company’s pallets during the most recent fiscal year.
Bettendorf, Iowa-headquartered Greystone Logistics reported $61.8 million in sales during the fiscal year that ended May 31, 2024, up about 1.7% year over year, a shift from a year earlier, when the company saw sales plummet 18% year over year.
The company’s cost of sales also declined from $51.4 million in fiscal year 2023 to $50.1 million the following year due to several factors, “including a decline in the price of raw materials toward relatively historic levels,” Greystone reported.
In a statement, Greystone CEO Warren Kruger said the company had a “tremendous year, demonstrating our ability to adapt and thrive even in the face of economic uncertainty.”
The release added that Greystone’s “focus on sustainability and quality has allowed it to maintain a competitive edge, meeting the growing demand for eco-friendly shipping solutions.”
Greystone processes about 60 million pounds of recycled plastic per year, the company reported. Processing takes place at facilities in Bettendorf, where the company maintains 12 injection molding machines, and Palmyra, Missouri, where it has two additional injection molding machines. The facilities give the company a monthly production capacity of 225,000 pallets.
Additionally, the company produces pallets using an extrusion process at a facility in Jasper, Indiana, which Greystone opened in April 2023. Pallets produced at this location are “robotically welded producing pallets in unusual sizes,” including 30 inches square, 60 inches square and 96 inches by 48 inches.
Greystone secures feedstock from several sources, including damaged plastic pallets through a buy-back program, post-industrial plastics and clean post-consumer flakes purchased from other reclaimers.
