GreenParts International Intends to Expand its Business Globally
GreenParts International, a metal and textile recycling company with multiple locations in Atlanta, Georgia, has recently signed a term sheet to provide recycled oil to its South Korean partner and has already begun to implement the first order.
„In addition, we have delivered on approximately 150 thousand dollars of our first shipment to SAH Global*) for our previously announced concrete recycling agreement. In both cases we see growth and very good margins in these new ventures,“ Chief Executive Officer Asif Balagamwala stated. „It is a major component of GreenParts Internationals‘ strategic five-year plan to diversify our business and be less dependent on metal recycling.”
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Second Quarter Results 2015
As GreenParts International reported, the company’s second quarter results reflected benefits from the cost reduction plan that was implemented the previous quarter. The company reduced expenses by 30 percent and saw revenues grow by nearly 35 percent, while gross margins returned closer to the company’s historical average. “We are still recovering from the industry decline which has impaired shipments well into the second quarter and adversely altered our ratio of inventory cost to selling price. Additionally, we assumed new debt to take advantage of the opportunities, not only in cheaper inventory, but, most importantly, to execute on our developing new divisions. We expect the benefits from these efforts, combined with more stable market conditions, to provide further improvements in our operations,” said Asif Balgamwala.
*) Strategic Alliance Holdings (SAH) is an Atlanta-based company to handle diverse investment projects and was founded by Feroz Agad.
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