JanOne shares Up After Subsidiary Opens Three New Recycling Centers in Washington, California and New Jersey
Jun 9, 2022 By MarketDepth
JanOne Inc. (NASDAQ: JAN) shares jumped more than 20% after the Company announced on Thursday that its wholly owned subsidiary ARCA Recycling, Inc., will open three new recycling centers in June and July of this year to support growth in its recycling business and to help ARCA better serve its customers across North America.
New Recycling Facilities Creating Jobs
According to a news release by JanOne, the new recycling facilities are located in Kent, Washington, Tulare, California and Hainesport, New Jersey. The centers will create new local jobs in each region. The Company also indicates that the Hainesport, New Jersey center will be equipped with advanced appliance processing technology, a technology which reduces the size of recyclable material by compaction and baling. Compacting materials recovered from appliances allows ARCA Recycling to transport these materials more efficiently, reducing its carbon footprint and will provide cost savings on labor and transportation.
Support Utility Companies with New Centers
These new recycling centers will support a range of ARCA’s services including residential appliance recycling programs implemented on behalf of major electric utilities, ENERGY STAR® appliance replacement programs and appliance recycling on behalf of ARCA’s commercial clients.