Ecoark Announces Acquisition Of Bentonville Plastics Company
by May 10, 2016 8:00 am 666 views
Rogers-based sustainability conglomerate Ecoark Holdings Inc. announced Tuesday the acquisition of Bentonville firm Sable Polymer Solutions, a company that makes products from recycled plastics.
The acquisition was completed in exchange for Ecoark Holdings Inc. common stock, according to a news release.
Sable, previously owned by Rusty Hames, will be folded into Ecoark’s wholly-owned subsidiary, Pioneer Products LLC, creating a vertically integrated supplier of recyclable products.
Ecoark CEO Randy May said the acquisition allows for all company operations to be brought in house, from collecting the plastic, repurposing it, to brokering the products to large retailers.
It also opens the door for major partnerships with large retailers throughout the region and nationwide. Each year, $11.5 billion worth of recyclable products are thrown into landfills, 70 percent of which are recoverable plastic materials that are worth more than $8 billion.
Ecoark works to help prevent landfills from being overrun with recyclables that can clearly be reused, as well as helping retailers boost their bottom line, through a more sustainable business practice.
“The addition of Sable Polymer Solutions represents yet another important achievement for Ecoark Holdings, Inc. as we continue to strengthen our technologies within the recycled products industry through strategic acquisition,” May said in the release. “This acquisition further strengthens our position within the market and brings long term value to our shareholders.”
Sable takes recyclable materials and formulates them into resin feedstock for industrial and consumer products. By acquiring Sable, Pioneer Products is now a fully integrated end-to-end solution for the entire lifecycle of the product, from reclamation to development to sale.
“The acquisition of Sable creates a powerful vertically integrated solution for recycling technologies available to the market,” Roshan Weerasinghe, president of Pioneer Products, said in the release.
On April 28, Ecoark announced it had completed a current equity offering, raising more than $17 million from over 200 accredited investors.
Ecoark is a publicly traded company on the OTC market.