Need to Know
agreement

PADNOS Acquires Interest in GLR Advanced Recycling

The partnership will expand both companies' ability to recycle metals of all types, motor vehicles, paper, plastic and electronics across 24 locations.

Two family-owned recycling businesses, with nearly two centuries of combined years in operation, have joined forces to expand capabilities throughout Michigan. Holland-based PADNOS and Roseville-based GLR Advanced Recycling announced the formation of a strategic partnership, with PADNOS acquiring a significant interest in GLR.

"This is the next step in the evolution of two great family businesses,” said Jonathan Padnos, PADNOS president, in a statement. “There are many parallels between our companies, making this a natural fit, and it is an honor to partner with Michael Bassirpour and the entire GLR team. As we build on the combined experience the Rosen and Padnos families have in the industry, we look forward to continued growth and to serving customers in the Great Lakes region."

The PADNOS-GLR partnership will expand both companies' ability to recycle metals of all types, motor vehicles, paper, plastic and electronics. The two entities will operate under their current names.

Founded in Holland in 1905 by Louis Padnos, PADNOS has 18 locations throughout Michigan and Indiana.

GLR was founded in Metro Detroit by Henry Rosen in 1927. The company began in the paper and corrugated cardboard business and has expanded to plastic, electronics, metal and vehicle recycling, with an emphasis on the automotive and ferrous and nonferrous markets. The company operates six facilities in Michigan.

"GLR has been expanding its capabilities in recent years, and a strategic partnership with PADNOS fits perfectly within our vision and long-term strategic plan," said Michael Bassirpour, GLR president, in a statement. "We see a lot of synergies between the two companies and, geographically, a partnership allows us to serve more customers throughout the state and grow to neighboring markets."

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish