Progressive Waste Solutions Ltd. said it has acquired a 19.9 percent interest in recycling firm TerraCycle Canada for an undisclosed amount.
The Vaughan, Ontario-based Progressive Waste and the Toronto-based TerraCycle will be cooperating on a range of zero waste recycling initiatives to homes, municipalities and businesses through Canada, the companies said in a news release. It will greatly increase recycling opportunities for Canadian governments, corporations, schools, non-profits and residents.
As part of the partnership Progressive will offer TerraCycle's premium recycling services in many of their contract bids, providing Progressive customers with advanced recycling options.
TerraCycle also is rebranding as a Progressive Waste Solutions partner.
TerraCycle’s access to Progressive Waste's network and infrastructure will bring extended distribution, efficiency, enhanced ease-of-use to TerraCycle's free nationwide recycling fundraisers already occurring at more than 5,000 schools and charities nationwide.
TerraCycle collects and recycles post-consumer waste that would otherwise be disposed of in landfills or incinerated.
"TerraCycle demonstrates the ability to engage manufacturers, retailers and most importantly, millions of consumers in recycling otherwise non-recyclable waste streams," said Joseph Quarin, president and CEO of Progressive. "Our investment in TerraCycle reflects the progressive approach we take towards our commitment to creating a more sustainable future."
Tom Szaky, founder and CEO of TerraCycle, added that the company is "ready to accept Progressive Waste Solutions' challenge to scale our operations and impact using their vast infrastructure."