The Department of Economic Development and Commerce announced Sunday the signing of an agreement of understanding between a local and a China-based company to develop recycling projects with an associated investment of $20 million.
China-based Dura Shred and Juncos-based Grupo Nuevo Mundo will work together on tire recycling projects in Guánica, Toa Baja and Juncos, Economic Development and Commerce Secretary Manuel Laboy said.
“Efforts to create new businesses and jobs, in alliance with Chinese entrepreneurs and Puerto Rican entrepreneurs, are paying off,” he said.
“We signed an agreement with Chinese equipment recycling corporation Dura Shred and…Grupo Nuevo Mundo to develop several projects that will benefit mainly the workforce of Guánica, Toa Baja, Juncos and adjacent towns,” Laboy said.
“In addition to giving a boost to job creation and the need to recycle, these projects will help curb the proliferation of diseases related to mosquito breeding in tires,” Laboy said.
The agreement is the result of talks and agreements between Chinese businessmen and the government of Puerto Rico, following the recently held First China-Puerto Rico Investment Forum, the government official said.
Part of Dura Shred’s $20 million investment will be used to pulverize tires in Guánica and recycle them in Toa Baja and Juncos, which provide material for a manufacturing project that would produce tiles, slabs for patios, floors for athletic facilities, and asphalt additives, among other things.
“The plan is to build and operate a high-tech plant to manufacture asphalt rubber and another to produce shredders and additional equipment related to the tire recycling industry,” Laboy said.
The company also proposed investment in a business that uses powdered material to manufacture synthetic fuel, he explained, adding the planned project is expected to employ about 60 people.