Tennessee will get its scrap tires recycled
The Tirex Corp. has entered into a joint venture agreement with Wyoming Corporate Headquarters LLC to recycle scrap tires.
Tirex, based in Westport, Conn., is owner of a patented tire recycling technology known as the TCS System.
"With the successful collection of scrap tires, this joint venture moves Tirex from its 'developmental stage' to a commercial entity with revenue generating operations and is just the tip of the iceberg for the expansion of our technology into the market," says Tirex President John Threshie Jr. "Since we own 25% of the joint venture, revenues to Tirex could be significant in 2012."
Jecc Mecanique Ltee of Quebec, Canada, an engineering construction firm, has been chosen to undertake the fabrication and installation of the TCS system at WCH's Memphis, Tenn., location. The cost of the project is estimated at $7.5 million, subject to financing.
WCH, based in West Columbia, S.C., and the majority owner of Altgen LLC of Evanston, Ill., has a license to collect used and rejected tires throughout Tennessee. The company will store and process the tires at its 100,000-square-foot leased facilities in the Memphis city area.
Tirex's TCS-2 tire recycling system has been selected for use at this new facility and represents the first commercial installation of a TCS-2 system.
"Tennessee generates more than 45,000 tons of scrap tires annually, and we are negotiating, on a county-by-county basis, the collection and recycling fees it generates ranging from $50 to $90 per ton received at collection," says WCH CEO Brooks Stanton.
"Herculean efforts have gone underway to get Altgen LLC in the position of readiness that we are in today to support the Altgen-Tirex plant in Tennessee. "I'm excited about the alignment with Tirex because the move not only allows an opportunity to leverage new technology faster, it also creates a strong strategic position for growth and expansion in a timely manor."
"This represents the culmination of many years of developmental work on our technology, and I am delighted to be getting our first commercial system into the marketplace with WCH and Altgen," adds Tirex founder Louis Muro, who invented the TCS technology.
For more information on TCS, visit www.tirex-tcs.com.