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E-waste Recycling October 12, 2018 01:30:48 PM

E-Scrap Recycling Firm Declares Masterplan for Major Restructuring

Paul Ploumis
ScrapMonster Author
The sale deal will cover Metech’s five e-waste recycling facilities within the U.S.

E-Scrap Recycling Firm Declares Masterplan for Major Restructuring

SEATTLE (Scrap Monster): The new owners of the loss-making e-scrap recycling business, previously owned by Singapore-headquartered Metech International Limited, have announced their commitment to make significant reinvestments towards restructuring the business. Meantime, the company is believed to have reached a settlement with the Department of Toxic Substances Control (DTSC) of California on hazardous waste issue.

Metech had entered into an agreement to sell the company to brothers Andrew and Simon Eng, who are Metech International’s CEO and chairman, respectively. The sale will make the company private, which which give the new owners greater flexibility to restructure the company so as to bring it back on recovery path. Expressing their intention to save the company, the new owners announced that the management would continue to remain the same.

The company aims to make best use of existing resources after privatization. Andrew and Simon Eng plans to bring in a new shareholder to assist them in rebuilding the company.

Meantime, Benedict Lim, Metech International’s executive vice president stated that all violation issues with DTSC have been resolved and the Gilroy facility has resumed normal operations in August 2018. The company had spent more than $2 million in equipment upgrade at the plant. The new machinery ensures that the problem won’t be repeated in future, Lim added. It must be noted that the facility was earlier cited for violation of the State’s hazardous waste laws.

The sale deal will cover Metech’s five e-waste recycling facilities within the U.S located at Clinton, Mass.; Creedmoor, N.C.; Denver; Gilroy, Calif.; and Salt Lake City.

This story originally appeared in www.resource-recycling.com

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