Missouri New Markets Investment in Carbolytic Materials Co. Spurs Job Growth in Maryville
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One Year after Advantage Capital Investment, Carbolytic Materials is Fully Operational and Receiving Positive Feedback
MARYVILLE, Mo.--(BUSINESS WIRE)-- One year after Advantage Capital Partners' investment in Carbolytic Materials Company (CMC), the carbon black alternative manufacturing facility is fully operational and experiencing very positive acceptance of its products. In October 2008, CMC received $12.4 million in Missouri New Markets Development program financing, enabling the company to build a new manufacturing facility in the rural community of Maryville, Mo. in the northwest corner of the state.
"Our plant is now up and running and we have been receiving consistently positive reviews of our green product," said Ray Riek, CEO of CMC. "Given the current state of the economy, our start-up plans would have been very difficult to achieve without the financing from the Missouri New Markets Development program and our investment partners at Advantage Capital."
"The Missouri New Markets Program was designed to work specifically for companies like CMC and regions like ours," said Lee Langerock, director for Nodaway County Economic Development. "CMC is proving with its innovative technology and superior product that a company can be successful and grow, even in an economic downturn."
CMC is the first company to successfully recover a carbon black alternative suitable for commercial use from scrap tires. The new Maryville facility includes production space, allowing CMC to consume more than 15,000 tons of used tires annually to create ApexCM(TM), a lower cost, environmentally friendly carbon black replacement material. The carbon black alternative can be used for hoses, gaskets, belts, roofing materials, plastic piping and more. Each ton produced represents 380 recycled tires, 760 gallons of oil saved and 3,800 pounds of carbon dioxide emissions kept out of the atmosphere.
"This is an exciting new technology and we're very pleased with the company's progress in the last year," said Jeremy Degenhart, senior vice president at Advantage Capital. "CMC has produced nearly 30 new jobs, which is more than the company originally projected. In addition, a significant percentage of these new hires were previously unemployed individuals who live in the region."
CMC also announced last year a new partnership with the Northwest Missouri State University Center for Innovation and Entrepreneurship. The Center is designed to function as a high-technology business incubator working in conjunction with the University's Graduate Applied Research Center. CMC will utilize the incubator as a headquarters for its R&D efforts, while the research center will support academic programs that emphasize related science and technology.
Advantage Capital's investment in CMC was made in connection with the federal and state New Markets Development programs. Both programs are designed to stimulate economic growth in communities that historically have been underserved by traditional sources of capital. To date, Advantage Capital has invested nearly $120 million in 25 Missouri businesses. Statewide, these investments have created and retained 1,200 jobs with more job growth expected and follow-on capital tops $97 million.
About Advantage Capital Partners
Advantage Capital Partners is a leading venture capital and small business finance firm focused on investing in promising companies in connection with federal, state and local economic development efforts. With offices and partners in St. Louis, New Orleans, Austin and other U.S. cities, Advantage has raised more than $1 billion since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.
Source: Advantage Capital Partners
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