CHICAGO – Guggenheim Partners today announced that its affiliate, Guggenheim Global Infrastructure Company, Limited (GGIC), has acquired a majority stake in King Tech International Limited (KTI), a leading asphalt rubber (AR) specialist in The People’s Republic of China.
Asphalt rubber is a mixture of crumb rubber (rubber powder) derived from scrap tires blended at high temperature with base asphalt that is used for paving roadways. Asphalt rubber reduces the need to burn scrap tires, significantly reducing carbon dioxide emissions. It also reduces paving time, increases pavement life, and minimizes traffic noise. AR is a proven process that has been used extensively in various states in the U.S. including Arizona, California, and Texas.
“We are pleased to make our first strategic investment in China’s infrastructure sector,“ said Tom Tribone, Chief Executive Officer of GGIC. “KTI’s process fits very well with China’s ongoing need to expand its road network. The environmental benefits of its products contribute to the country’s growing emphasis on sustainability. We look forward to working with the company to meet the growing demand for asphalt rubber use in Chinese infrastructure projects.”
“KTI has an experienced technical team with more than 35 years of asphalt-rubber design and paving experience,“ said David Lee, Chairman of KTI. “We are delighted to have partnered with Guggenheim Global Infrastructure Company.“
KTI has conducted several successful test pilot projects aggregating over 25,000 tonnes of AR in the Chinese mainland as well as Hong Kong. KTI serves as the Asian representative of the Rubber Pavements Association.
About Guggenheim Global Infrastructure Company and Guggenheim Partners
Guggenheim Global Infrastructure Company, Limited (GGIC) is an affiliate of Guggenheim Partners, LLC focused on investments in the global infrastructure sector. Guggenheim Partners, LLC is a privately held global financial services firm with more than $125 billion in assets under management. The firm provides asset management, investment banking and capital markets services, insurance, institutional finance and investment advisory solutions to institutions, governments and agencies, corporations, investment advisors, family offices and individuals. Guggenheim Partners is headquartered in New York and Chicago and serves clients from more than 25 offices in 10 countries.