Print
More News

With Acquisition, PolyQuest Expands Distribution And Manufacturing

By Johanna Cano, posted Oct 8, 2021
PolyQuest, distributor of PET resins and manufacturer of recycled PET resins, has acquired Faith Group Company. (Photo courtesy of PolyQuest)
PolyQuest has completed a new acquisition that will complement its distribution and manufacturing processes of lightweight plastics, company officials said.
 
The Wilmington-based company has formed Renuva Plastics to acquire the U.S. division of Faith Group Company, according to a news release this week.
 
Renuva Plastics is a wholly-owned subsidiary of PolyQuest doing business as Faith Group USA.

Officials did not disclose the terms of the deal.
 
Faith Group Company is a “premier distributor of post-industrial thermoplastics (especially PET) in the U.S. and the largest exporter of these products out of the U.S. to the rest of the world over the past quarter of a century,” the release stated.
 
PET resins, which stands for polyethylene terephthalate, are in the polyester family and are used for bottles, jars, containers and packaging applications, according to the PET Resin Association.

PolyQuest distributes PET resins and manufactures recycled PET resins.

Under Faith Group USA, PolyQuest will continue purchasing and distributing these thermoplastics in the U.S. as well as domestically sourcing the products for the Faith Group Company to export.
 
“Using the PET value chain as an example, we now have significant access to all virgin, post-industrial and post-consumer products in the supply chain from the resin producers through applications consuming resin such as bottle, sheet, film, textile staple fiber, textile filament, BCF, strapping, etc., and ultimately consumers as applicable,” PolyQuest CEO John Marinelli said in the release.
 
“We have become a supplier and customer to almost every segment of the value chain, and we will use this position to further strengthen our relationships and drive value for our business partners,” he added.
 
Russell Wilkes will serve as vice president of the newly formed Faith Group USA. All employees and locations for Faith Group Company will remain the same, he said in the release.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Going Beyond the Resumé

Robert Burrus - Cameron School of Business - UNC-Wilmington
Dallasromanowski headshotcopy

Don’t Eat the Bear in One Bite: Planning Your Future in Steps

Dallas Romanowski - Cornerstone Business Advisors
Ubs chadpearson headshotresized

The Three Dimensions Of Selling Your Business

Chad Pearson - UBS Decision Point Wealth Consulting

Trending News

Mayfaire Town Center To Welcome New Gym To Former O2 Fitness Facility

Cece Nunn - Sep 28, 2022

Hurricane Ian Prompts Local Closings

Staff Reports - Sep 28, 2022

New Hanover County In Midst Of Developing Another New Business Park

Johanna F. Still - Sep 29, 2022

Bagel Connoisseur Opens New Brand In Ogden

Elizabeth White - Sep 28, 2022

Feeding Frenzy

Johanna Cano - Sep 29, 2022

In The Current Issue

Spotlighting This Year’s MADE Awards

Each year, the MADE Awards program brings attention to manufacturers and makers in the Cape Fear region....


Bridging The Digital Divide

Recognizing that tech skills translate to high-paying jobs in a growing tech career field, the city, along with community partners, will lau...


MADE Winner: Exporter Category

The Exporter Category winner doesn't just hammer its products home....

Book On Business

The 2022 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

Trying to Grow a Business?
2020 Health Care Heroes
2020 WilmingtonBiz 100