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Clean Rock chief touts merger

January 24, 2000|By SCOTT BUTKI

United States Plastic Lumber Co. has acquired Clean Rock Industries of Hagerstown, a move that will give the local company more financial security, its president said Monday.

The merger with U.S. Plastic Lumber Co. gave Clean Rock $5 million in stock and assumed its $1.5 million debt, said Vincent Iuliano, president and owner. The deal was finalized Dec. 14, 1999.

Iuliano becomes the sixth largest stockholder in Florida-Based U.S. Plastic Lumber Co., and he and his wife, Nancy, the company's executive vice president, retain their titles and roles with Clean Rock.

"It was an opportunity for me and my family to become financially secure," he said. "It provides an opportunity to grow further," he said.

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The move will allow him to increase the size of his company at 1469 Oak Ridge Place.

The business has expanded from 15 to 26 employees in about one year.

The company, which opened in Baltimore in 1990 and moved to Hagerstown in 1991, receives petroleum-contaminated soil and converts it to asphalt. The facility also accepts rubble and turns it into usable material for road base.

The Plastic Lumber Co. makes plastic lumber, plastic patio decks, plastic railroad ties and other products, he said. It also has an environmental recycling division.

The company bought Clean Rock because it fit its goal of having a company that would do soil decontamination work in Maryland, said Bruce Rosetto, general counsel for the company. The company previously purchased similar companies in Philadelphia and Delaware, he said.

The Hagerstown-Washington County Economic Development Commission is excited about the announcement, Marketing Director Tom Riford said.

"I'm pleased that a Washington County business continues to grow and prosper, and pleased that more employees have been added. Clean Rock is a useful company for the construction trade, and has annually expanded," Executive Director John Howard said.

The decision to agree to the merger was unrelated to a prolonged court fight, Iuliano said.

The Maryland Court of Special Appeals affirmed a ruling by the Washington County Board of Zoning Appeals that Clean Rock is a light manufacturing operation, not a recycling business as former neighbor Dr. Eric Smith and his wife, Susan, had contended in their 1992 lawsuit.

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