According to the company’s website press release on January 16, 2023, Vinmar International (‘Vinmar’), a global marketer and distributor of plastics and chemicals based in Houston announced that it has acquired a controlling interest in Syncot Plastics, LLC (‘Syncot’), a North Carolina based mechanical recycler of plastics. Syncot is an innovative leader in the recycling of nylon, polypropylene and polyethylene post-industrial and pos t-consumer waste into high-quality recycled product in its plant in Belmont, NC. With nearly 30 years history of recycling plastics in NC and Georgia, Syncot has an excellent reputation in the marketplace and has formed key relationship with major suppliers and customers.
This is Vinmar’s second acquisition of a plastics recycling business, coming 8 months after Spain-based Green World Compounding (GWC) and demonstrates Vinmar’s strong commitment to become a significant player in recycled plastics and sustainability. Darren Bing, President of Syncot and Sharon Bing, Vice President, siblings and the second-generation owners of Syncot will continue to manage Syncot and remain shareholders.
Darren Bing said, ‘The Bings could not be more excited with our partnership with Vinmar. We believe this acquisition is perfect fit for both the companies. Vinmar’s commercial expertise and strong distribution network will allow us to grow sales of recycled resins here in the US and globally’.
Vishal Goradia, CEO of Vinmar, said ‘Vinmar is grateful to the Bings and the Syncot team for their trust and are motivated to grow our recycling activities in the US. Our acquisition of Syncot demonstrates our firm commitment to tangible solutions for sustainability and circular economy
