GreenStone to buy Calif. recycler

June 13, 1995|By John Fairhall | John Fairhall,Sun Staff Writer

GreenStone Industries Inc. of Bethesda, which manufactures cellulose insulation and specialty fibers from recycled paper, is making its sixth acquisition since going public in July.

Company officials said yesterday they are acquiring Steven Moore Enterprises, which does business as Pacific Rim Recycling of Benicia, Calif., for $3.5 million.

Pacific Rim recycles paper and other products collected at curbside in northern California. It had revenue of $6.5 million and operating income of $830,000 in 1994. In the first four months of this year the company reported revenue of $2.7 million and operating income of $600,000.

The acquisition will help GreenStone obtain lower-cost secondary fibers. Pacific Rim's earnings also will help offset paper costs at times when paper commodities are high, company officials said.

GreenStone's other acquisitions are in California, Georgia, Indiana, Nebraska and Virginia. The company reported revenue of $23.16 million in 1994 and $1.2 million in earnings, or 30 cents a share.

Shares of GreenStone stock closed yesterday at $3.75, up 37.5 cents.

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