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Greenman sells California subsidiary.

GreenMan Technologies, based in Lynnfield, Mass., has announced the sale of its ownership rights in GreenMan Technologies of California Inc.

Vern Mabry bought the company using a stock purchase agreement in mid-July. Mabry was the majority owner of Azusa, Calif.-based Unlimited Tire Technologies, which became GreenMan Technologies of California in 2002 when GreenMan acquired all of the company's outstanding common stock.

"While we would have preferred to maintain a presence in the California tire recycling market, our California subsidiary's performance had not met expectations, and therefore we felt it was in the company's best interest to divest the subsidiary," Lyle Jensen, GreenMan's president and CEO, says. "We can now focus our efforts on maximizing performance of our core Midwestern operations in order to realize their full potential."

GreenMan has also announced the completion of a new three-year, $16 million credit facility with Laurus Master Fund Ltd., based in the Cayman Islands.
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Title Annotation:TIRES
Publication:Recycling Today
Article Type:Brief article
Date:Sep 1, 2006
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