Monday, December 12, 2011 Canadian Company to Recycle Chinese Tires
 Blue Diamond Technologies, a Canadian company, and Insigma Technology have formed a joint venture for establishment of as many as 13 facilities for production of reusable crumb rubber, clean steel and fibre from used vehicle tires.
The joint venture, with initial funding of $8 million U.S. and exclusive rights for use of Blue Diamond Technologies’ patented process in China, will complete incorporation during January, 2012. The first facility, located in 60,000 square feet in Hangzhou, China, the capital of Zhejiang Province, will begin operations during the fourth quarter of 2012.
Once the first facility becomes operational, the joint venture partners anticipate the rapid establishment of an additional 12 facilities in other industrial regions of China. In total, the joint venture agreement may result in funding exceeding $100 million U.S. The government of the People’s Republic of China is supplementing the investments of the joint venture partners with public incentives.
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