GreenMan Completes Sale of Tyre Unit
GreenMan Technologies Inc., a recycler of over 20 million tyres annually, has completed the sale of its tyre business. GreenMan CFO Chuck Coppa said in a prepared statement that the magnitude of operating losses in the Georgia subsidiary prompted the sell-off. GreenMan posted an accounting loss of about $3.4 million on the value of the operations, and calculated losses attributable to the Georgia subsidiary at $8.3 million. GreenMan sold the business line to Tires Into Recycled Energy and Supplies Inc. and MTR of Georgia Inc. The Lynnfield, Mass.-based company will end its Georgia leases and collected $405,000 in cash in the two deals.
Comments