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Vinmar buys controlling stake in recycler Syncot

Global distribution firm Vinmar International Ltd. has acquired controlling interest in Syncot Plastics LLC, a recycler based in Belmont, N.C.

In a news release, officials with Houston-based Vinmar said Syncot is "an innovative leader" in recycling post-industrial and post-consumer nylon, polypropylene and polyethylene into a high-quality product.

They added that Syncot has done recycling in North Carolina and Georgia for almost 30 years and "has an excellent reputation in the marketplace and has formed key relationship with major suppliers and customers."

Darren Bing will remain president of Syncot, with his sister Sharon Bing continuing as vice president. The second-generation owners also will remain shareholders.

"We believe this acquisition is perfect fit for both the companies," Darren Bing said. "Vinmar's commercial expertise and strong distribution network will allow us to grow sales of recycled resins here in the U.S. and globally."

Vinmar CEO Vishal Goradia added that his firm "is grateful to the Bings and the Syncot team for their trust and are motivated to grow our recycling activities in the U.S." He said the acquisition "demonstrates our firm commitment to tangible solutions for sustainability and circular economy."

The deal is Vinmar's second plastics recycling acquisition in less than a year. In 2022, the firm bought Green World Compounding of Spain.

Vinmar has more than 50 offices in more than 35 countries, with sales in more than 110 countries.

Publication date: 18/01/2023

Plastics News - automotive

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Last update: 2022-01-31