Ascend Acquires Majority Stake in Circular Polymers
Houston, TX, November 8, 2022-Ascend Performance Materials has purchased a majority stake in California-based Circular Polymers, a recycler of post-consumer, high-performance polymers including polyamide 6 and 66, polypropylene and polyester (PET).
The deal provides Ascend with a consistent supply of high-quality PCR materials for its ReDefyne sustainable polyamides, launched in 2022.
Circular Polymers, which as part of the deal is renamed Circular Polymers by Ascend, reclaims and processes post-consumer carpet via a unique technology and has redirected approximately 85 million pounds of waste from landfills into new goods since 2018.
Says Phil McDivitt, president and CEO of Ascend. “Since we launched ReDefyne, the demand for our circular products has been significant across all segments of our business, including automotive, consumer, electronics and high-performance fibers and textiles.”
Ascend has committed to reducing its greenhouse gas emissions by 80% by 2030 and recently announced two new efforts to reduce the carbon footprint of its products.
David Bender, founder and CEO of Circular Polymers, will hold the remaining equity and stay on as CEO of the company.