Avon Park, Florida / USA — Florida Agricultural Plastic Recyclers, LLC (FLAG), announced completion of its private placement with an international investor group to implement phase I of its LDPE Ag-Film recycling program that includes two wash lines and fulfilling contracted sales of shredded, washed LDPE to worldwide buyers within 75 days.
Mr. Joseph Miceli, President, with 24 years of plastic recycling experience, announced: „This capital gives FLAG the opportunity to take advantage of a market abandoned by the recycling community. Favorable market conditions and FLAG’s position as the agricultural film recycler in Florida, places FLAG as one of the largest ongoing suppliers of clean recycled LDPE film in the Market.“
And he noted: „We have over 30 million pounds of recyclable Ag-Film in inventory. We are currently aggregating 30 – 40 million pounds annually that we have contracted with farmers throughout Florida and adjacent states. FLAG offers growers the most cost effective and environmentally ‚Green‘ solution to dispose of their waste Ag-Film and enables them to conform as ‚Green‘ suppliers to national retailers.“
Mulch and silage film, known as Ag-Film, is 100 percent LDPE, are used seasonally, covering crops as protection from adverse climate and pest control. Farmers spread millions of pounds of Ag-Film annually over crops. Ag-Film is removed at end of growing seasons for disposal. Previously, growers‘ principal options for disposal were incineration or for landfills.
Younis Zubchevich, CFO, added: „We have agreements to sell our output of 40 million pounds to buyers we have known over 20 years. As additional recyclers learn we are the source for bulk recycled LDPE, we expect sales agreements to double by year end. We will then implement two additional wash lines under Phase II of our operations, and expand to fully utilize our 8 acres and 65,000 Sq/Ft warehouse facility. With annual global production of virgin LDPE at approximately 50 billion pounds, we project growing demand for recycled LDPE.“
Source: Florida Agricultural Plastic Recyclers, LLC / PRNewswire