Dive Brief:
- Liberty Tire Recycling says it will grow its business following an announcement it completed a financial restructuring.
- Restructuring reduced the company’s outstanding debt by $50 million and decreased its annual cash interest expense.
- "Liberty Tire says that with its new capital structure in place it will have the flexibility and liquidity needed to continue to make capital investments to strengthen its business," reports Recycling Today.
Dive Insight:
The Pittsburgh-based Liberty Tire approximates that the company recycles over 141 million tires annually, and reclaims 1.59 billion pounds of rubber.
Bill Fry, the president and CEO of Liberty Tire said, "With our restructuring completed, we now have the foundation in place for Liberty to achieve strong and steady growth."
