US-based Ecoark Holdings has acquired Sable Polymer Solutions (Sable), a company involved in the recycling and reclamation of resin materials.
Sable will be integrated with Ecoark's wholly owned subsidiary, Pioneer Products, to form a vertically integrated supplier of recyclable products.
With the deal, Ecoark Holdings and Pioneer Products aim to boost their service offerings with additional market share within the resin industry.
Ecoark said that each year, recyclable products worth $11.5bn are thrown into landfill, with 70% being recoverable plastics valued at $8bn
Sable obtains recyclable materials and formulates them into resin feedstock for industrial and consumer products.
By acquiring Sable, Pioneer Products has now become a fully integrated end-to-end solution provider for the entire lifecycle of resin product, from reclamation to development to sale.
Ecoark Holdings CEO Randy May said: "The addition of Sable Polymer Solutions represents yet another important achievement for Ecoark Holdings, as we continue to strengthen our technologies within the recycled products industry through strategic acquisition.
"This acquisition opens the door for new and exciting partnerships with large retailers both within our region and also nationwide.
"This acquisition further strengthens our position within the market and brings long term value to our shareholders."
Currently the company has four active subsidiaries, including Intelleflex, Eco3d, Pioneer Products, and Magnolia Solar, which waste Ecoark intends to reduce waste in operations, logistics, and supply chains across global economy.