ECORE International Inc., manufacturer of ECOsurfaces Commercial Flooring and Everlast sports surfacing with Nike Grind, has launched its patent-pending itstru Technology and a $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, according to ECORE.
The corresponding recapitalization also opens up opportunities for growth. “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,” said ECORE Chairman and CEO Arthur B. Dodge III.
Part of the capital investment will include the consolidation of two locations into one recycling and manufacturing facility, while not eliminating any jobs, the company said.
The consolidation will increase recycling capacity as well as eliminate resources used currently to transport rubber from ECORE’s Hanover facility to ECORE’s York facility. “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,” Dodge said.
ECORE announces new technology, recapitalization package
March 15, 2011