HOLLAND — A West Michigan recycler has acquired a “significant” ownership stake in GLR Advanced Recycling.
Louis Padnos Iron and Metal Co. of Holland described the deal as a joint venture agreement with the Roseville-based recycler of plastics, electronics, metals and other materials.
The partnership, finalized earlier this month, will expand Padnos’ recycling capabilities to include various metals, motor vehicles, paper, plastic and electronics.
Terms of the deal were not disclosed.
According to company President Jonathan Padnos, the deal is a “natural fit.”
“There are many parallels between our companies,” Padnos said in a statement. “As we build on the combined experience the Rosen and Padnos families have in the industry, we look forward to continued growth and to serving customers in the Great Lakes region.”
Throughout Michigan and Indiana, Padnos has 18 locations, while GLR has six Michigan facilities. The two companies will continue operating under their current names, according to a statement.
GLR President Michael Bassirpour said the strategic partnership with Padnos “fits perfectly within our vision and long-term strategic plan.”
He cited the many “synergies between the two companies and, geographically, a partnership allows us to serve more customers throughout the state and grow to neighboring markets.”
When reached for a comment by MiBiz, Padnos execs declined to comment.
GLR expects to generate $85 million in revenue for 2018, up nearly 27 percent from last year, according to a report in Crain’s Detroit Business.