GlyEco Inc., a Phoenix company that uses technology to transform hazardous waste into green products, is set to acquire GSS Automotive Recycling Inc., a Landover, Md.-based recycled antifreeze product company.
GlyEco has signed a preliminary asset purchase agreement to acquire GSS Automotive. The transaction is expected to close before Aug. 31.
The acquisition will strengthen GlyEco's presence in the Northeast, said John Lorenz, GlyEco's chairman and CEO.
'After completing this transaction, we will implement plant upgrades so this team is able to apply its business savvy to expanding glycol recycling into new markets,' said Lorenz in a statement. 'We are preparing for the anticipated rollout of our breakthrough GlyEco technology in a few weeks. With plant upgrades well underway at our existing facilities, we are strongly positioned to accelerate revenue growth going forward.'
This will be GlyEco's eighth acquisition agreement.
GlyEco's patented-pending technology cleans polluted glycols from five waste producing industries: HVAC, textiles, automotive, airline and medical.
Ethylene glycol is a sweet but poisonous syrupy liquid used as an antifreeze and solvent and in the manufacture of polyester fibers and fabric.
The technology enables GlyEco's clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Waste glycols can be treated as a more sustainable resource and be recycled and reused repeatedly, according to GlyEco.
GSS serves more than 1,500 customers in the mid-Atlantic region and is in the glycol recycling industry. The company is known for its recycled antifreeze products.
The existing GSS management team will continue to manage day-to-day operations in Landover.
Hayley Ringle covers technology and startups for the Phoenix Business Journal.
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