A scrap metals recycler is planning a joint venture to market used motor oil.
USA Recycling Industries Inc. said it has signed a letter of intent to form a "proposed joint venture or other business arrangement" with privately-held Recycle Markets LLC, which owns and operates a used motor oil on-line trading platform. Recycle Markets’ on-line platform would "provide a conduit for USA Recycling Industries to reach used motor oil sellers" internationally, according to the agreement. "The parties intend to negotiate in mutual good faith toward a definitive agreement" in the future, according to a news release.
"This pending agreement with Recycle Markets will enable us to have significant access to generators of used motor oil and other recyclable waste streams operating small to medium sized auto service center locations throughout the world, as well as provide us with a key first-to-market advantage,” said Vincent Smith, chief executive officer of the Reading, Pa.-based USA Recycling, which provides specialty recycling services to automotive service centers.
"This proposed arrangement will afford our used motor oil on-line trading platform users with a competitive pricing advantage as a result of USA Recycling Industries end-user-consumer relationships,” said Cathleen Stoker, chief executive officer of Recycle Markets, based in Mount Ida, Ark. “We are really looking forward to working with the company, as we believe that this partnership will be extremely beneficial for both our businesses."