What Circulus does

Circulus Holdings, LLC is a U.S.-based mechanical recycler that transforms post-consumer LDPE and LLDPE flexible plastics — historically a difficult-to-recycle feedstock due to contamination and mixed films — into high-quality post-consumer recycled (PCR) resins sold under the CIRCA™ brand. The company targets flexible plastic packaging applications including bags, shrink films, overwraps, collation shrink, stretch films, e-commerce protective packaging, and consumer trash liners. Its customer base spans brand owners, retailers, resin producers, converters, and packaging manufacturers across the U.S.

Circulus operates two manufacturing facilities — one in Ardmore, Oklahoma and one in Arab, Alabama — with a combined annual capacity of 50,000 metric tons of PCR resin. Its core technology is described as advanced recycling technology designed to address contamination challenges inherent to plastic film waste, supported by an in-house quality lab that tests CIRCA™ LDPE and CIRCA™ LLDPE products against ASTM standards for melt flow rate, density, ash content, and color. The company is positioned as a domestic supplier of high-quality PCR for consumer-facing flexible packaging.

Commercially, Circulus employs a B2B enterprise field-sales motion, engaging buyers directly through its sales representatives with quote-based pricing. Revenue is generated primarily from sales of CIRCA™ PCR resins. To fund capacity buildout, the company raised a $100 million green loan credit facility from Riverstone Credit Partners in November 2021 and a $300 million structured financing solution from Apollo affiliates in October 2022. On June 20, 2024, Dow (NYSE: DOW) announced a definitive agreement to acquire Circulus — including both facilities and the 50,000 MT/year capacity — with closing expected in Q3 2024 subject to regulatory approval, after which Circulus operates as a wholly-owned subsidiary within Dow's materials platform.

Name

Circulus

Legal name

Circulus Holdings, LLC

Website

https://circulus.com

Company type

Private

Founded year

2019

Operating status

Acquired

Headcount range

11–50 employees

Short description

Circulus Holdings manufactures post-consumer recycled LDPE and LLDPE resins under the CIRCA™ brand for flexible plastic packaging. The company serves brand owners, retailers, resin producers, converters, and packaging manufacturers from facilities in Ardmore, Oklahoma and Arab, Alabama, and was acquired by Dow in 2024.

Ownership category

akta.pro rank

Product category

Recycled Plastic Resins

NAICS

Plastics Material and Resin Manufacturing (325211), Resin and Synthetic Rubber Manufacturing (32521)

SIC

Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821), Plastic Material, Synth Resin/Rubber, Cellulos (No Glass) (2820)

akta.pro primary industry

Recycled & Reprocessed Polymer Resin Manufacturing (rPET, rPP, rPE; PCR/PIR resins) (IMANAAAH)

akta.pro secondary industries

Reprocessed Resin & Recycled Polymer Compounding (PCR/PIR Compounds) (IMANAMAG), Recycled Plastic Compounds (PCR/PIR) (IMANABAE), Recycled Resin Trading & Distribution (PCR/PIR Commodity Markets) (EUAIAKAK)

Keywords

• Post-consumer recycled resins
• LDPE plastic recycling
• LLDPE resin manufacturing
• Plastic film recycling
• Circular economy plastics

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D

Revenue model

1. PCR Resin Sales: Revenue generated from selling post-consumer recycled LDPE and LLDPE resins (CIRCA™ family) to brand owners, retailers, resin producers, converters, and packaging manufacturers for use in flexible plastic applications.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Circulus transforms post-consumer LDPE and LLDPE flexible plastic waste into high-quality post-consumer recycled (PCR) resins sold under the CIRCA™ brand. The company operates two manufacturing facilities (Ardmore, OK and Arab, AL) with combined annual capacity of 50,000 metric tons, producing resins for flexible plastic applications including bags, shrink films, overwraps, stretch films, and e-commerce protective packaging.

Product overview

Circulus is a manufacturer of post-consumer recycled (PCR) plastic resins, producing high-quality LDPE and LLDPE resins under the CIRCA™ brand family. The company transforms post-consumer flexible plastic waste (LDPE and LLDPE) into sustainable resins for commercial and industrial use. Circulus operates two manufacturing facilities—one in Ardmore, Oklahoma and one in Arab, Alabama—with a combined annual capacity of 50,000 metric tons. The CIRCA™ product line includes both LDPE and LLDPE recycled resins, which are tested in-house for melt flow rate, density, ash content, and color using ASTM standards. These resins are designed for flexible plastic applications including bags, shrink films, overwraps, collation shrink, stretch films, e-commerce protective packaging, and consumer trash liners, enabling brand owners, retailers, resin producers, and converters to meet sustainability goals and incorporate PCR content into consumer-facing products.

Differentiator

Problem solved

Functional benefit

Brands

• CIRCA: Family of recycled LDPE and LLDPE resins engineered to meet the growing demand for high-quality PCR in consumer-facing products. Tested for melt flow rate, density, ash content, and color using ASTM standards.

Products and services

• CIRCA™ LDPE Resin

Quantifiable outcome

• 50,000 metric tons per year combined production capacity across two facilities
• +1 more outcomes

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• DowcoreStrategic or Co-development Partner · 20 June 2024Dow (NYSE: DOW) signed an agreement to acquire Circulus, a leading recycler of plastic waste into post-consumer resin. The transaction includes two facilities in Ardmore, Oklahoma and Arab, Alabama with total capacity of 50,000 metric tons per year. Expected to close Q3 2024 subject to regulatory approval.

Scale indicators5 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• KW Plastics: One of the largest North American PCR polyolefin recyclers producing recycled HDPE and PP resins. Highly comparable to Circulus as a mechanical recycler serving converters and brand owners with recycled plastic resin for similar downstream applications.
• MBA Polymers: Global mechanical recycler producing PCR resins from mixed post-consumer plastics, including polyolefin-rich streams. Directly comparable to Circulus in producing specification-grade PCR for consumer-facing packaging applications.
• Envision Plastics (Amcor): PCR HDPE/LDPE resin producer now owned by Amcor, focused on recycled-content packaging applications. Directly competes with Circulus in supplying high-quality recycled resins to converters and brand owners.
• Merlin Plastics: Western US-based HDPE and PP mechanical recycler producing PCR resins. Comparable in business model as a regional PCR resin supplier serving packaging converters and similar end-use segments.
• Plastic Recyclers Inc. US HDPE recycler producing PCR resins for downstream packaging and consumer goods. Directly comparable to Circulus as a mechanical recycler focused on polyolefin PCR for commercial and industrial applications.
• ALPLA: Global plastics packaging manufacturer with significant in-house PCR resin production and mechanical recycling operations. Comparable to Circulus in supplying PCR resins for packaging applications while also serving converters and brand owners directly.
• CarbonLite: Large-scale US mechanical recycler producing food-grade PCR PET resins. Adjacent in category as a major North American PCR resin producer serving consumer packaging customers with recycled-content specifications.

Broad incumbents

• Eastman: Global specialty materials company with molecular recycling technology for polyolefins and other plastics. Comparable to Circulus as a competitor in recycled resin supply for consumer packaging, but operates across a much broader specialty chemicals portfolio.
• LyondellBasell: Major petrochemicals producer with growing PCR and circular polymers initiatives including Circulus's parent Dow's peer set. Indirectly comparable through competing PCR polyolefin offerings for converters and brand owners.
• Braskem: Global petrochemicals and biopolymers producer with PCR resin and circular-economy initiatives serving packaging customers. Comparable to Circulus as a recycled-content polyolefin supplier but at much larger scale and broader product range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/circulus-holdings-pbllc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Circulus