Progressive Waste acquires stake in specialty recycler TerraCycle
TORONTO - Progressive Waste Solutions Ltd. (TSX:BIN) has acquired a 19.9 per cent interest in TerraCycle Canada, a specialty recycler that collects items such as cigarette butts, coffee capsules and drink pouches â€” sometimes as part of local fundraising campaigns.
Financial terms of the friendly deal weren't been announced by the companies in their joint announcement Wednesday.
"TerraCycle demonstrates the ability to engage manufacturers, retailers and, most importantly, millions of consumers in recycling otherwise non-recyclable waste streams," said Joseph Quarin, the president and CEO of Progressive Waste Solutions.
Part of TerraCycle's business plan includes free recycling fundraisers through about 20,000 schools and community groups across Canada.
TerraCycle also has corporate sponsorships from companies such as Maple Leaf Foods, the Mr. Christie's cookie brand, Nespressoa coffee brand and Garnier, maker of beauty products.
Under the new partnership, Progressive Waste â€” one of Canada's largest waste-management companies â€” will offer TerraCycle's premium recycling services in its contract bids.
Tom Szaky, TerraCycle's founder and chief executive, said the two companies share a vision of diverting more materials from landfills and incinerators and his company is "excited and ready to accept Progressive Waste Solutions' challenge to scale our operations and impact using their vast infrastructure."
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