JOHNSTON – Converted Organics Inc. (NASDAQ:COIN), a Boston-based organic soil amendment and fertilizer company, announced today that it plans to proceed with construction of a manufacturing facility here by 2010.
The plant, for which tentative plans were announced Jan. 15, will be Converted Organics’ third. (READ MORE)
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The company’s flagship facility is in Woodbridge, N.J., and the company is expanding capacity at the West Coast plant it acquired in January in Gonzales, Calif.
When all three plants are finished, they will be capable of processing up to 850 tons of food waste per day, according to the company.
“We are extremely pleased to have begun the process that we believe will enable Converted Organics to develop our third state-of-the-art manufacutirng facility in two years,” Edward J. Gildea, president of Converted Organics, said in a statement. The Johnston plant, he said, “will play an integral role in helping us meet demand from our agribusiness, municipal, retail and turf management customers for our all-natural organic fertilizers.”
He added, “We look forward to continued progress on the development of this site.”
Converted Organics’ announcement about its Rhode Island plans comes on the heels of two state regulatory approvals the company received earlier this month.
The R.I. Industry Facilities Corporation gave initial approval Aug. 1 to the company’s application for revenue bond financing of up to $15 million for construction of the Johnston plant. The R.I. Resource Recovery Corporation followed that by granting final approval on Aug. 5 for Converted Organics to lease 9 acres of land in the new Lakeside Commerce Industrial Park in Johnston.
The company is also awaiting the R.I. Department of Environmental Management’s decision on its application to operate a Putrescible Waste Recylcing Center in the Johnston industrial park.
State and local leaders welcomed Converted Organics’ announcement.
Gov. Donald L. Carcieri called the company “an innovator in green technologies,” and said the company’s arrival will be “an important win” for the state economy.
“Green businesses create new ‘green-collar’ jobs, as well as solid opportunities to connect existing small and local businesses to the emergining market opportunities, meeting the demand for green goods and services,” Carcieri said.
Johnston Mayor Joseph M. Polisena hailed the new jobs the plant will create. “We welcome Converted Organics to Johnston with open arms,” he said.
Converted Organics Inc. (Nasdaq: COIN) is a development-stage company dedicated to producing environmentally-friendly soil amendments or fertilizers – for the retail, turf and agribusiness markets – through the recycling of food waste. Its manufacturing facilities minimize negative environmental impacts on host communities. For more information, go to Converted Organics.
The R.I. Resource Recovery Corporation, manager of the state Central Landfill in Johnston, was created by the R.I. General Assembly in 1974 to provide environmentally sound programs and facilities for managing solid waste generated in Rhode Island. Additional information is available at www.rirrc.org.
