PolyQuest, Incorporated (PolyQuest), the leading distributor of PET resins and a manufacturer of recycled PET resins in North America, announced today the formation of Renuva PlasticsTM, LLC (a wholly-owned subsidiary of PolyQuest dba Faith Group USA), which will acquire the U.S. division of the Faith Group Company.
The Faith Group Company has been the premier distributor of post-industrial thermoplastics (especially PET) in the U.S. and the largest exporter of these products out of the U.S. to the rest of the world over the past quarter of a century. Faith Group USA will continue purchasing and distributing such thermoplastics in the U.S. as well as domestically sourcing these products for the Faith Group Company to export.
“This acquisition is a bolt-on and extremely complementary to our existing virgin resins distribution and post-consumer/post-industrial manufacturing businesses. Using the PET value chain as an example, we now have significant access to all virgin, post-industrial and post-consumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF, strapping, etc., and ultimately consumers as applicable,” said John Marinelli, CEO of PolyQuest. “We have become a supplier and customer to almost every segment of the value chain, and we will use this position to further strengthen our relationships and drive value for our business partners.”
