Reuter Inc., Hopkins, Minn., has entered into a memorandum of understanding with Recomp Inc., a subsidiary of Bonneville Pacific Corp., 257 E. 200 South, to sell 55 percent of its equity interest in the subsidiary, Reuter Recycling of Florida.
The memorandum provides for the facility to be managed in a partnership between Recomp and Reuter, with Recomp the managing general partner. Closing of the transaction is subject to approval by boards of directors of both parent companies.Reuter Recycling of Florida is in the process of completing the construction of a waste processing operation in Pembroke Pines, Fla. It is designed to process 670 tons of municipal solid waste per day.
Joseph Blankenship, Reuter president and chief executive officer, said this transaction is the first step in the company's revitalization efforts. The proceeds from the sale of a majority interest will provide sufficient cash to meet the funding obligations of Reuter for equity contributions to the project and start up of the facility, he said.
John Dunlop, Recomp president, said this acquisition is a continuation of his company's efforts to build a significant waste processing facility using a variety of technologies.