In re horses - here's a horse that looks like it might win:
Company to convert plastic into crude oil
The Business Review - by Robin K. Cooper
Date: Tuesday, October 19, 2010, 11:19am EDT - Last Modified: Tuesday, October 19, 2010, 12:38pm EDT
The owner of a Washington County recycling company plans to invest up to $6 million to start a new business converting plastic into crude oil.
John Aspland, owner of Adirondack Plastics & Recycling Inc. in Argyle, is searching for a 30,000 to 40,000 square foot building to in Warren County or Washington County to accommodate SynCrude LLC, his new plastic recycling business.
Aspland plans to purchase patented recycling equipment that converts plastic into low-sulfur crude that could be sold to refineries in New York and New Jersey.
SynCrude would employ 22 sales, processing and administrative workers. The plant, which needs to process 40,000 pounds of plastic per day, would recycle household and industrial plastics from New York, New Jersey and New England as well as parts of Pennsylvania and Ohio, Aspland said.
Aspland, who has operated Adirondack Plastics since 1991, said he is negotiating with a private investment group in Texas that would help finance SynCrude.
Adirondack Plastics recycles paper and plastic. The company employs a dozen people. That business is expected to generate approximately $2.5 million in sales this year.
Aspland also has owned and operated Valley Plastics & Paper Recycling Inc. in McAllen, Texas since May 2008. That company employees 21 and will have sales of $2.5 million this year.
Aspland said he will seek tax exempt bonds through the Warren-Washington County Industrial Development Agency in the coming months.
“We are always looking for projects that will add service,” Aspland said of his newest venture.
Recyclers have been hit hard by the recession, he said. But his existing businesses have managed to survive because of they offer a wide range of services from medical product destruction in New York and Texas as well as hazardous boot destruction for the U.S. Department of Defense.
Adirondack Plastics also dramatically reduced its work force over the past two years, trimming it from 30 to 12, Aspland said.
By starting SynCrude, it will allow him to process plastic that typically ends up in landfills. Potential customers include waste haulers and industrial customers such as meat packing and paper producers.
Aspland said he also plans to open start an operation similar to SynCrude in Texas.
“This is just the first step,” he said.
The plastic recycling equipment is expected to cost approximately $4.5 million. Building acquisition and set up could add another $1 million to $1.5 million to the project costs.
rcooper@bizjournals.com | 518-640-6808
bizjournals.com
Ref:
Adirondack Plastics & Recycling, Inc. and Valley Plastics & Paper Recycling, Inc.
plasticsworldwide.com |
