Citigroup invests in MBA Polymers

Archiv – High-performance plastic resin manufacturer MBA Polymers has secured US$ 40 million in funding from investment bank Citigroup and existing investors. The money will fund further expansion for a company which already operates subsidiaries in the USA, the UK, Austria and China.United States | High-performance plastic resin manufacturer MBA Polymers has secured US$ 40 million in funding from investment bank Citigroup and existing investors. The money will fund further expansion for a company which already operates subsidiaries in the USA, the UK, Austria and China.
Headquartered in Richmond, California, MBA Polymers recovers high-value plastics from complex waste streams, extracting plastics from items such as household appliances, computer and business equipment, and vehicles. The company has developed a proprietary process to recover and separate these high-value plastics from each other and from the residual waste. The result is high-quality plastic that can be reused in durable goods.
Andrew de Pass, Managing Director at Sustainable Development Investments (SDI), which is the private equity investment unit of Citi Alternative Investments (CAI), says his company is ’excited’ about the investment in MBA Polymers since the latter represents ‘€˜the only company operating facilities at commercial scale to recycle such a problematic plastic waste stream’€™.
MBA Polymers’€™ founder and CEO Dr Michael Biddle says the investment will allow his company to continue to expand its worldwide presence.