The Porvaer glass recycling plant in Innisfil Heights, once thought to be symbolic of the town“s emerging industrial growth strategy, is now in the hands of a court-appointed receiver.
Poraver North…
The Porvaer glass recycling plant in Innisfil Heights, once thought to be symbolic of the town“s emerging industrial growth strategy, is now in the hands of a court-appointed receiver. Poraver North America Ltd. opened the multi-million dollar plant in June 2007 to produce environmentally friendly aggregate made from recycled glass – spheres with applications as masonry adhesives, pre-cast concrete and ceiling tiles. Company CEO at that time, George Morandin, said the plant would produce up to 80,000 tonnes a year of mixed, broken or coloured glass recovered from landfill sites. However, anticipated orders for the material produced by Poraver fell well short of expectations. Creditors were sent a notice by receiver PricewaterhouseCoopers Inc. in November 2010 that Poraver was filing a Notice of Intention to make a Proposal under a section of the Bankruptcy and Insolvency Act of Canada. A list of creditors was published by PricewaterhouseCoopers including a number of local firms, with the largest creditor being TD Capital for USD 36,542,694.