PepsiCo Beverages North American invested $35 million in the fund, which will finance small-scale, modular MRFs in underserved communities.

Closed Loop Partners has created the Closed Loop Local Recycling Fund with an initial investment of $35 million from PepsiCo Beverages North America, Purchase, New York. The fund will establish small, modular recycling systems in communities across the U.S., reducing the need for the costly transportation of recycled materials to larger material recovery facilities (MRFs), increasing recycling in areas with no or limited access to these services. The material processed at these sites will be used to support PepsiCo’s sustainable packaging goals, the companies say. 

“This first-of-a-kind investment from PepsiCo ushers in a new future for local recycling, empowering communities across rural America and small cities to reduce waste and harness the value of their recycled commodities,” says Ron Gonen, founder and CEO of Closed Loop Partners, which is based in New York City. “By closing the loop on these commodities, which can then re-enter local manufacturing supply chains, we are better equipping communities with the tools needed for resilience against a globally changing climate, while also creating new revenue opportunities and jobs. We look forward to continuing our long-standing partnership with PepsiCo to build and strengthen circular supply chains.”

“As companies—including PepsiCo—set ambitious goals to use more recycled content in their packaging, there is more need than ever for partnerships and investments to increase recycling in the U.S.,” Jason Blake, chief sustainability officer and senior vice president at PepsiCo Beverages North America, says. “We need to develop the infrastructure that makes recycling available to more Americans so we can recover the high-quality material that can be used in our packaging. Through pep+, our end-to-end strategic transformation, sustainability is at the heart of everything we do. As the exclusive investor in the Closed Loop Local Recycling Fund, we are actively driving the changes needed to transform the US recycling system and move towards a circular economy.”

The smaller, local MRFs lay the groundwork for the future of recycling, the companies say. Each individual system creates the capacity to recycle at least 8,000 tons per year of materials, including keeping 400 tons of polyethylene terephthalate (PET) in circulation annually. The companies also expect these MRFs to yield higher quality plastic while also reducing the costs and greenhouse gas emissions associated with transporting materials longer distances.

How companies and communities can take better care of waste and recycling truck drivers.

It is increasingly difficult to hire drivers, and that includes waste and recycling collection drivers.

There is high demand for commercial driver’s license (CDL) drivers, and many companies do everything they can to get drivers in the door. But these companies could be doing more for their CDL drivers. The best companies, those with low turnover, value their drivers and know how to care for them from the start of the job application process all the way to retirement.

Finding great, qualified CDL drivers happens to be Inflection Poynt's recruiting specialty. It’s more important than ever to recognize value, and companies should take note of a few important tips that will help engage driver candidates, retain their drivers and show them the appreciation they duly deserve. We’ve seen it all over the last few years and can provide several tips.

A new driver going through the hiring and onboarding process gets a firsthand look at how a company really operates. A streamlined hiring process that is easy to navigate will keep the driver engaged and moving forward. When candidates don’t know the next step in the hiring process and are not getting answers from the hiring department, they get frustrated and move on.

It’s important to value the individual from day one as well as welcome them with open arms when they come in for an interview. Approaching a driver with this attitude will help the prospective candidate realize that you know that your business and surrounding community could not function without him or her.

Also ensure the interview location is easy to find. Provide detailed instructions about where to go and who to ask for. After the interview, be clear about the next steps. If it’s not a good fit, then be upfront with the driver. No one likes to be ghosted or led on.

The same principles apply to the onboarding process. Today, processing paperwork for background and drug tests seems to take longer than ever, but that doesn’t mean you leave your new hires in the dark about the process. Switching jobs is stressful and waiting for paperwork to finalize is tough for people who enjoy a physically demanding job. So, update your drivers on where things stand with their paperwork.

Finally, once drivers are hired, value your new employees by overcommunicating with them. Build trust with your drivers by connecting with them frequently as they are learning the job.

Compensation tells a driver a lot about how the company values its workers. Is what you plan to offer competitive with what other local companies pay? Also, have you increased current employees’ pay to meet what you offer to your new hires?

Keep in mind—employees talk. The quickest way to devalue a current employee is to offer a new hire more pay. The same goes for a sign-on bonus. Sign-on bonuses attract attention, but at what cost? Your current employees need to be compensated as well, or you may end up needing to fill more jobs.

If companies were to stop offering sign-on bonuses and instead focus on investing in current employees, turnover rates would decrease.

Overall, consider evaluating driver compensation against the current market every six months, even if it doesn’t increase each time, to ensure you offer competitive pay to your drivers.

Employees want to be proud of who they work for and feel valued, and in turn, they will value the company. So, put money back into your employees by providing ongoing training as well as programs such as tuition reimbursement. Growing employee skills always improves a company.

Additionally, try to promote from within rather than looking to a new hire. This will help your employees to grow in their profession. This benefits both employees and the company.

Health and dental insurance, of course, are good to offer as benefits. But there are some other benefits that could help to set your company apart.

Consider offering a yearly boot credit or provide incentives such as bonuses for a good performance review.

Find alternative ways to thank your drivers. Acknowledgements of gratitude keep your employees feeling valued and will, in turn, keep them with you longer term.

In addition, offering a retirement plan means an employee will be in there for the long haul. Employee turnover is common, but there are ways to help you improve your retention rate. Use the Ultimate Guide to Driver Retention-Ideas and Programs from Inflection Poynt for more ideas.

Finally, waste and recycling drivers are important. We need to treat them like they are important and valuable. You keep employees by knowing employees. Know what they truly care about. You can offer all the incentives in the world, but if drivers feel like they don’t matter, they are more likely to find another company. Listen to what your drivers have to say and welcome feedback. Create an environment where employees feel comfortable with expressing concerns and offering suggestions.

Mark Mutton is a U.S. Air Force veteran, founder and CEO of Inflection Poynt recruiting. He founded Inflection Poynt in 2018 with a goal to innovate the recruiting industry through smart sourcing technology. Inflection Poynt’s smart recruiting engine presents job opportunities to qualified candidates from diverse backgrounds, cultures and ethnicities through data science strategies and marketing platforms.

Adrian Farnham will replace the departing Matthew Chamberlain as interim London Metal Exchange CEO.

Hong Kong Exchanges and Clearing Ltd. (HKEX) has announced that Matthew Chamberlain, CEO of the London Metal Exchange (LME) and group head of commodities, will be stepping down April 30. After serving nine years in management roles with the LME, Chamberlain will step aside “to pursue career interests outside of the group,” the LME says.

Adrian Farnham, CEO of the LME Clear platform, will become interim LME CEO and group head of commodities effective May 1. He will become a member of HKEX Management Committee and report to Group CEO, Nicolas Aguzin.

Farnham joined HKEX Group in 2013 and brings more than 30 years’ experience in financial markets and market infrastructure to the role, HKEX says. HKEX says it also will use the period ahead of Chamberlain’s departure “to select an appropriate interim LME Clear CEO, to ensure a smooth and effective handover.”

Aguzin says, “Over the last decade Matt has been instrumental in reinforcing the LME’s global leadership in the metals industry, overseeing the LME’s warehouse reforms, introducing new products and initiatives, such as London platinum and palladium prices and managing the business through various modernizations. More recently, at a time when sustainability is front and center, Matt has overseen the LME’s responsible sourcing program and the introduction of LMEpassport, initiatives that have not only shaped the LME’s business but have improved transparency, disclosure and attitudes towards sustainability across the global metals industry.”

Regarding Farnham, Aguzin comments, “I am delighted that in Adrian we have someone with the experience and knowledge to lead the LME. I am looking forward to continuing to work with him, and the rest of the team in the months ahead, as we continue to drive our business forward.”

Chamberlain says, “I have had the most rewarding and enjoyable decade with the LME, working with a team and a community that I love, and I am proud of the many things that we have achieved over that period. But it is now time for me to move on to new challenges. Adrian Farnham, who has worked alongside me at the LME for much of the last nine years, is an excellent choice as interim LME CEO and HKEX Head of Commodities, and I know that the market and my colleagues across the group will continue to do all they can to support him and the business in the future.”

HKEX and the LME board have convened a search committee and have begun a formal search process for the open positions, says the organization.

Tire processor to sell BolderOil made from scrap tires to Tauber Oil Co.

Colorado-based Bolder Industries, Inc. says it has signed a 20-year marketing agreement with Tauber Oil Co. “for exclusive offtake of BolderOil,” a scrap tire-derived petrochemical product.

Under the agreement, independent wholesale petroleum and petrochemical product marketer Tauber will have exclusive access to what Bolder calls “the largest allocation and supply of tire-derived, sustainable oil known in the industry, by way of a proven industry pioneer.”

Houston-based Tauber Oil will be the exclusive purchaser of BolderOil for 20 years, acquiring approximately 2 million barrels annually as supply becomes available and Bolder adds capacity. Tauber will “manage all administrative and sales services including logistics, consulting, billing and fulfillment between Bolder Industries and its global customers,” according to a Bolder news release. “In turn, Tauber will consult with Bolder on the design and engineering of any storage offtake and infrastructure at its current facility and future planned facilities,” adds the company.

BolderOil has applications in renewable fuels, as a replacement oil in ASTM-grade carbon blacks, oil and gas well cleanup and chemical solvents. “As a sustainably derived product, BolderOil increases environmental savings for end customers and, because it is decoupled from oil indices, can also improve pricing stability,” states the 10-year-old Colorado company.

“For years, we’ve closely monitored the race to turn tires into high-quality petrochemicals but, until we met the Bolder Industries team, we had yet to see it accomplished successfully at commercial scale,” comments Jonathan Tauber, president of Tauber Oil.

“After visiting their facility, it was immediately apparent they were doing something special,” adds Tauber. “Now, through arduous due diligence, we are confident and eager to provide sustainably derived petrochemicals at the level of quality, consistency and specifications our customers demand. We expect this partnership will give way to expansion and deliver meaningful environmental impact that our customers and the world needs."

States Bolder Industries CEO Tony Wibbeler, “Strategic investments and alliances such as this signal the next phase for our hyper-growth company. This relationship enables us to grow our petrochemical business exponentially with a well-known and highly respected partner that we are very pleased to be working with day to day.”

Bolder says the partnership allows Tauber Oil to better serve its largest global customers by ensuring their ability to meet all regulatory guidelines while providing access to renewable petrochemicals on a consistent basis.

Tauber contributed to part of the 2021 $80 million investment in Bolder Industries, which assisted in the expansion of its current facility in Maryville, Missouri, and acquisition of a Terre Haute, Indiana, facility as well as a newly announced European expansion in the Port of Antwerp, Belgium.

Additional facilities, both domestically and overseas, are planned in 2023 and beyond to meet rising demand from automotive, plastics, rubber and sustainable petrochemicals manufacturers looking to meet their environmental, social, and corporate governance (ESG) goals, says Bolder.

In Bolder’s recovery process, 98 percent of each tire is repurposed, reducing greenhouse gas emissions, water, and power usage by 85 percent compared to traditional manufacturing processes, says the firm.

“To be able to take something as notoriously synonymous with pollution as an old tire and repurpose it into literally hundreds of different useful products is an incredible achievement by Bolder Industries,” says David Tauber Sr., board chair of Tauber Oil. “We at Tauber Oil are delighted to have a hand in bringing to market products from our industry that not only reduce production emissions and natural resource use but keep millions of tires out of landfills every year.”

Metals, plastic recycling firm to invest $6.6 million at plant in Wyoming, Michigan.

The Michigan Economic Development Corp. (MEDC) has announced that Holland, Michigan-based recycling company PADNOS intends to expand its plastic recycling operations in the city of Wyoming, Michigan.

A news release from the MEDC says a $6.6 million investment by PADNOS has been designed to increase its “capabilities into recycling ocean-bound plastics.” The plans to expand in Wyoming include adding new loading docks, a laboratory and a maintenance garage. The firm also will invest in electrical and infrastructure upgrades, according to the MEDC.

“PADNOS is proud to further our investment in the community while increasing our processing capabilities to meet market demands,” says Jonathan Padnos, president and CEO of the more than 115-year-old family business.

He adds, “We are seeing an increase in demand for recycled material and we are committed to working with our partners to get these materials back into new products and keeping them out of our landfills and oceans.”

“Michigan’s business climate and highly skilled workforce provide an environment where businesses like PADNOS can grow and thrive, creating good jobs for Michiganders,” comments Michigan Gov. Gretchen Whitmer. “We’re pleased that this longstanding Michigan company has chosen to expand in our state. With the help of companies like PADNOS, we can continue growing Michigan’s economy.”

“Congratulations to the entire PADNOS team on your tremendous growth and success in West Michigan,” says Quentin Messer Jr., CEO of the MEDC. “We’re proud to join our local partners as we celebrate PADNOS’ expansion in Michigan and look forward to continuing to work together to grow, add jobs and provide greater opportunity for Michigan residents.”

PADNOS operates more than 20 locations in Michigan and Indiana, including auto shredders in Grand Rapids and in Howell, Michigan. The company’s operations traditionally focused on metal recycling, but it has been involved in the plastics sector for several years.