London-based E-Waste Systems (EWSI) has agreed to purchase Ohio electronic waste recycler Tech Disposal Inc. for an undisclosed amount.
Tech Disposal should add revenues of $700,000, EWSI said in a press release. The company also identifies Ohio as a key location, being a state that generates more than 200 million pounds of e-waste annually while less than 20 percent is recycled, according to Blumberg Associates. In addition, Ohio has a proposed e-waste bill pending that if passed could provide EWSI with more business opportunities.
The signing of a definitive agreement by EWSI is part of a larger strategy to acquire businesses facing regulatory or other mandates for handling e-waste, the company said., adding that its success is contingent on securing sufficient financing.
"We are pleased to announce the signing of this agreement and are enthusiastic about the prospect of beginning work with George Pardos of Tech Disposal, Inc.,” said Martin Nielson, EWSI chairman and CEO. “He possesses extensive industry experience, an excellent customer base and a prime location in the Midwest, all of which our management believes will complement the expansion of our business."
Pardos, founder and CEO, Tech Disposal, Inc., said, "I am proud to have signed an agreement with E-Waste Systems, Inc. We are looking forward to the possibility of partnering in building a market-leading, integrated business in the (Waste Electrical and Electronic Equipment) WEEE industry and are eager to advance the most integrated, innovative end-of-life solutions for managing the reverse logistics pipeline."
EWSI expects the transaction to close on or before September 30.