Printer Friendly

PURE TECH INTERNATIONAL ENTERS INTO LONG TERM SUPPLY CONTRACT WITH PEPSI-COLA BOTTLING OF NEW YORK

 SOMERSET, N.J., Aug. 2 /PRNewswire/ -- Pure Tech International, Inc. (NASDAQ-NMS: PURT, BOS: PUR) today announced that it has entered into a long term post-consumer PET bottle supply agreement with Pepsi- Cola Bottling of New York, Inc. Under terms of the agreement, Pepsi will make available to Pure Tech its entire supply of post-consumer PET beverage containers at market prices. As part of this agreement, Pure Tech will also receive the entire supply of post-consumer PET containers from the Canada Dry Bottling Company of New York.
 Also announced, as part of the agreement, Pepsi will have first rights to purchase Pure Tech recycled PET flake in an amount equal to the amount of post-consumer containers presented for recycling by Pepsi or 30 million pounds, whichever is greater.
 David Katz, president of Pure Tech International said, "We are very pleased that Pepsi has decided to enter into this exclusive arrangement with Pure Tech. The supply of post-consumer bottles is a major key to our long term success. We estimate that Pepsi and Canada Dry will supply an additional 12 million pounds to Pure Tech's supply base which already exceeds 100 million pounds annually."
 Simon Sinnreich, chairman of Pure Tech stated, "This Pepsi agreement is unique in that it calls for a reciprocal supply arrangement between Pure Tech and Pepsi. We view this as a significant achievement in the recycling industry. The PET recycling industry has been moving towards bottle-to-bottle recycling, and we are near the day where PET recycled by Pure Tech will make its way into new beverage containers. Pepsi, like Pure Tech, is committed to recycling, and this agreement represents an important step towards full-circle recycling. We are proud to have taken this first step with Pepsi."
 "We have recently announced plans, and have entered into a letter of intent, to acquire Martin Color-Fi (NASDAQ: MRCF), which is a major fiber producer. As our needs for additional sources of high quality material continue to increase, we view this Pepsi and Canada Dry supply agreement as strategically important to our overall growth plan," added Mr. Sinnreich.
 Pure Tech International, Inc. is engaged in the recycling of post- consumer containers made of aluminum, glass, steel and plastic injection molding. Pure Tech operates facilities in six states.
 -0- 8/2/93
 /CONTACT: Michael J. Reitbrock or Davis Weinstock II of Clark & Weinstock, Inc., 212-953-2550, for Pure Tech International/
 (PURT)


CO: Pure Tech International, Inc. ST: New Jersey, New York IN: ENV SU: CON

LG-SH -- NY083 -- 8442 08/02/93 14:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 2, 1993
Words:420
Previous Article:EQUITABLE SUCCESSFULLY COMPLETES 'ODD LOT'STOCK SELL/BUY PROGRAM
Next Article:GOODY PRODUCTS INC. AND NEWELL CO. ANNOUNCE DEFINITIVE MERGER AGREEMENT; GOODY STOCKHOLDERS TO RECEIVE $24.75 PER SHARE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters