PolyQuest Forms Renuva Plastics to Acquire Faith Group Company’s U.S. Division
Faith Group USA will continue purchasing and distributing post-industrial thermoplastics—especially PET in the U.S., as well as domestically sourcing these products for the Faith Group Company to export.
Leading North American distributor of PET resins and manufacturer of recycled PET PolyQuest, Inc., has formed wholly-owned subsidiary Renuva Plastics, LLC, which will acquire the U.S. division of the Faith Group Company, based in New Jersey.
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. Faith Group’s current facilities are in Hong Kong, China, Germany, and Chile.
Said PolyQuest CEO John Marinelli, “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. 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.”
Said Russell Wilkes, v.p. of the newly formed Faith Group USA, “I am very excited to continue leading our loyal and dedicated employees as well as nurturing and growing our supplier and customer relationships that have been developed over several decades. PolyQuest is the perfect acquirer of this entity as they have the commitment, passion, and economic means to significantly grow and enhance our position in the industry and also expand our presence to supply non-traditional evolving markets such as chemical recycling. The transition at closing from the Faith Group Company to Faith Group USA will be seamless for our business partners; it is a name change, with PolyQuest serving as the new parent company. All employees and locations remain in place.”
Said Young Liu, president and primary owner of the Faith Group Company, “We are very satisfied with PolyQuest’s structure of this acquisition and look forward to working with them regarding exports and other potential areas in the future. We also appreciate the contribution of Russell Wilkes and all of our employees over the decades and wish great success to Faith Group USA under the leadership of PolyQuest.”
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