The National Industrial Symbiosis Programme has said it is saddened by news that one of its members, TyreGenics has become a casualty of the tough market conditions. TyreGenics went into administration in January after directors faced a perfect storm of difficult market conditions and technical issues.
NISP was instrumental in uniting TyreGenics partners tyre recycler Credential Environmental and cryogenic gas specialists BOC Gases for the project. It also helped to identify markets for the end products.
NISP programme director Peter Laybourn said: As a business opportunity programme working to help companies find new ways to increase their profitability, its always sad to hear about those businesses forced into administration, even more so when it's one of our members.
TyreGenics was the only cryogenics plant in [northern] Europe and therefore offered a unique and innovative method of shredding tyres for a variety of reuse options.
"However, as we are all aware today's market is highly competitive and driven by price resulting in casualties like this.
NISP will continue to work with its members and other organisations to identify new markets for recyclable materials in a bid to kick start demand and to minimise the effect [of the downturn] on the industry as a whole."