WeRecycle! Files for Chapter 11, Receives Proposal from Hugo Neu
Electronics recycling firm WeRecycle! Inc., based in Meriden, Conn., has announced that it has filed a petition to restructure under Chapter 11 of the U.S. Bankruptcy Code. WeRecycle! also has received an investment proposal from Hugo Neu Corp., New York City.
Hugo Neu is a privately owned firm that manages, builds and invests in recycling, real estate, water transportation and cleantech businesses.
Subject to bankruptcy court approval, Hugo Neu’s plan would provide interim resources, if necessary, to help finance WeRecycle!’s reorganization. Under the terms of the proposal, Hugo Neu would acquire a controlling interest in WeRecycle! and would make further investments in technology and downstream recycling processes to ensure the company remains what it calls a leader in environmentally responsible recycling of electronics.
Chiarella says she does not anticipate having to let employees go when the company’s bankruptcy petition is approved. She also says the company’s restructuring will take approximately six months to complete.
Hugo Neu Chairman John L. Neu says, "No company is immune to the current economic crisis, but I believe WeRecycle! is going to emerge a better and stronger business that will benefit customers, employees and their recycling partners."
Colt Expands Electronics Recycling Operation
Colt Refining Inc., Merrimack, N.H., has moved its electronics recycling operation to a larger building in Hudson, N.H. This business division, formerly known as TRI, also has been renamed Colt Recycling.
The new 75,000-square-foot plant, which is 60 percent larger than the company’s previous facility, will enable a scaling up of Colt’s processing capacity and will include a state-of-the-art shredding and metals separation system, the company reports.
Scott Lindsey, general manager of Colt Recycling, says, "This new operation is designed to be the largest vertically integrated e-scrap processing facility in the Northeast, and we plan to be able to process in excess of 30 million pounds annually when in full production."
The new facility includes high-bay warehousing, dedicated computer testing and refurbishment areas as well as the expanded shredding system. The plant is completely monitored and controlled by a comprehensive security system, according to the company.
Colt Recycling says it will continue to specialize in purchasing of precious-metal-bearing scrap materials from the recycling, telecom, medical and OEM industry sectors. In addition, the company will provide expanded services in the information technology asset disposition (ITAD) marketplace by offering secure data destruction, asset tracking and recycling solutions to corporate clients.
Synergy Recycling to Move to Larger Site
Synergy Recycling LLC, a North Carolina-based electronics recycler, has acquired a new headquarters building and will enhance its processing capacity.
As part of its expansion, Synergy will move its headquarters from Mayodan, N.C., to a 134,000-square-foot facility on 12 acres in nearby Madison, N.C. Construction of the new processing system has begun, and the plant should be operational by July of 2009, according to the company.
The facility is designed to provide a more thorough approach to handling out-of-service televisions and computer monitors. Synergy currently handles a large volume of such materials in partnership with local and state governments throughout the Southeast.
"We believe this is a great investment in the future of electronics recycling," says Joe Clayton, director of marketing for Synergy. "Synergy will have the most advanced systems for responsible recycling of electronic equipment."
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