Axion International secures $15 Million contract with Class 1
Written by jrood
Axion International, a producer of recycled composite plastic industrial building products and railroad ties, signed a $15 million contract with North American Class 1 railroad. This Class 1 railroad has agreed to purchase a minimum of $5 million per year of Axion's composite railroad ties, designed from 100 percent recycled plastic. "Entering into this $15 million contract represents a historic event and extraordinary milestone for Axion and our shareholders," said Steve Silverman, Axion's president and chief executive officer. "As we continue to expand our sales efforts, this contract is a clear signal that the Class 1 railroad market is looking for longer-lasting, more long-term economical alternatives to wood and concrete and is ready to make significant investments in Axion's innovative recycled plastic technology."
