Wednesday, March 16, 2011
ECORE International Announces New Technology and Close of Recapitalization
Source: ECORE International
LANCASTER, Pa. (March 14, 2011) Lancaster-based manufacturer, ECORE International Inc., manufacturer of Everlast sports surfacing with Nike Grind is pleased to announce the introduction of its patent-pending itstru Technology and the closing of its $40MM recapitalization and refinancing package.
The introduction of the itstru technology is combined with the introduction of a 98% post-consumer modular floor tile system designed for heavy duty commercial flooring applications. These product launches are building the framework for future manufacturing growth and reaffirm ECORE International’s leadership position as the rubber recycling innovator in the industry.
The corresponding recapitalization opens up opportunities for growth on other business fronts. “Our recapitalization and refinancing package sets the stage for an aggressive capital investment program in 2011 as well as continued investment in business development and prosecution of our intellectual property rights” states ECORE Chairman and CEO Arthur B. Dodge III.
Already committed to using resources to protect the environment, part of the capital investment will include the consolidation of two locations into one state-of-the-art recycling and manufacturing facility while not eliminating any jobs. The consolidation will increase recycling capacity as well as create efficiencies by eliminating resources used currently to transport rubber from ECORE’s Hanover facility to ECORE’s York facility. Dodge states:
“In 2011, ECORE will invest $4.0MM to consolidate our Hanover recycling facility to our York, PA campus. The move will give us over 100 million pounds of refined recycled rubber capacity. We will be able to process all forms of scrap rubber as well as efficiently reclaim our own materials in a closed loop process.”
ECORE International employs over 200 individuals in Central Pennsylvania and operates facilities in New York and California. ECORE’s origin dates back to 1869 when it operated as Dodge Cork Company. ECORE is best known as the creator of Everlast with Nike Grind, a recycled rubber sports surfacing; as well as playground and equine surfacing products presently marketed under the ECOsurfaces, QT, PlayGuard, and PaveSafe brands. ECORE holds two original patents and has two patents pending.
About ECORE International
ECORE International has been at the forefront of recycling efforts since their inception in 1989. Twenty years ago, ECORE pioneered the recycled rubber flooring category. Today, as North America’s largest user of recycled scrap tire rubber, ECORE processes more than 80 million pounds of scrap tire rubber each year, and helps to conserve more than one million barrels of oil in the process to convert pliable treads into durable product solutions for commercial, industrial, and architectural applications.