Business Description
Greystone Logistics, Inc. was incorporated in Delaware on February 24, 1969,
under the name Permaspray Manufacturing Corporation. It subsequently changed
its name to Browning Enterprises Inc. in April 1982, to Cabec Energy Corp. in
June 1993, to PalWeb Corporation in April 1999 and to Greystone Logistics, Inc.
in March 2005, as further described below. In December 1997, Greystone acquired
all of the issued and outstanding stock of Plastic Pallet Production, Inc.,
a Texas corporation (“PPP”), and since that time, Greystone has
primarily been engaged in the business of manufacturing and selling plastic
pallets.
Greystone processes recycled plastic into pellet form which may be sold or
used in Greystone’s production of pallets. The sale of pelletized resin
is dependent on Greystone’s ability to realize reasonable profit, which
is generally based on market conditions. Greystone also provides tolling services
whereby it grinds and pelletizes a customer’s plastic material for a fee.
Greystone’s primary business is the manufacturing of plastic pallets utilizing
recycled plastic and selling the pallets through one of its wholly owned subsidiaries,
GSM. Greystone sells its pallets through a network of independent contractor
distributors and direct sales by its president and other employees. Greystone
also markets pallet leasing services. As of May 31, 2015, Greystone had an aggregate
in-house production capacity of approximately 70,000 pallets per month for its
medium and heavy-duty pallets and 20,000 for its lightweight nestable pallets.
Greystone’s product line as of May 31, 2015 consists of the following:
37” X 32” rackable pallet,
40” X 32” rackable pallet,
37” X 37” rackable pallet,
44” X 56” can pallet,
48” X 48” rackable pallet,
48” X 40” rackable pallet,
48” X 44” rackable pallet,
48” X 40” nestable pallet,
24“X 40” display pallet,
48“X 40” monoblock (one-piece) pallet,
Half-barrel keg stackable pallet,
Slim keg stackable pallet, and
36“X 36” rackable pallet.
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