Ascend buys majority stake in recycler Circular Polymers
PR98704
HOUSTON, Nov. 9, 2022 /PRNewswire=KYODO JBN/ --
-- Deal underscores Ascend's commitment to low-carbon polyamides and engineered
materials.
Ascend Performance Materials has purchased a majority stake in California-based
Circular Polymers, a recycler of post-consumer, high-performance polymers
including polyamide 6 and 66, polypropylene and polyester (PET). The deal
provides Ascend with a consistent supply of high-quality PCR materials for its
ReDefyne(TM) sustainable polyamides(
), launched at K 2022.
Photo -
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Circular Polymers, which as part of the deal is renamed Circular Polymers by
Ascend, reclaims and processes post-consumer carpet via a unique technology and
has redirected approximately 85 million pounds of waste from landfills into new
goods since 2018.
"We are focused on helping our customers reach their sustainability goals and
Circular Polymers by Ascend provides materials that offer strong performance
with a considerably smaller environmental footprint, compared to other
technologies like pyrolysis," said Phil McDivitt, president and CEO of Ascend.
"Since we launched ReDefyne, the demand for our circular products has been
significant across all segments of our business, including automotive,
consumer, electronics and high-performance fibers and textiles."
Ascend, a fully integrated producer of durable materials, has a sustainability
strategy based on three pillars: empowering people, innovating solutions and
operating without compromise.
Ascend has committed to reducing its greenhouse gas emissions by 80% by 2030
and recently announced two new efforts to reduce the carbon footprint of its
products (
).
David Bender, founder and CEO of Circular Polymers, will hold the remaining
equity and stay on as CEO of the company.
"Since 2018, we have focused on improving the sourcing and processing of
post-consumer high-performance polymers," said Mr. Bender. "Having Ascend on
board will accelerate our growth and ensure these materials go back into new
long-term, high-performance applications."
Further details of the deal were not disclosed.
About Ascend Performance Materials (
)
Contact: Ally Jahn, +1 713-210-9809, ajahn@ascendmaterials.com
SOURCE Ascend Performance Materials
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