ORLANDO, Fla., Nov. 4, 2021 /PRNewswire/ — PureCycle Systems, Inc. (Nasdaq: PCT) introduced currently that Lawrence “Larry” Somma has joined the impressive plastics recycling organization as the future Main Fiscal Officer (CFO). Somma will guide PureCycle’s fiscal system as the Enterprise seeks to changeover to a earnings-generating progress business.
Somma comes to PureCycle with virtually a few a long time of working experience in the company finance sector at environment-course publicly traded companies in just the plastics, production, hospitality, and buyer items industries. Most not long ago, Somma used 8 a long time at LyondellBasell Industries N.V., exactly where he served as vice president of finance approach and transformation for two a long time and vice president, corporate treasurer for six a long time.
Mike Otworth, CEO, PureCycle, claimed, “I’m thrilled to welcome Larry to PureCycle. He has the deep monetary practical experience and sector know-how to lead our monetary crew and funds technique throughout the upcoming section of our development. Larry will bring a important viewpoint to PureCycle as we proceed to productively execute our vision and goals relative to scaling the company globally. With our Ironton, Ohio facility slated for expected completion in the fourth quarter of 2022 and our Augusta facility in its beginning phases of improvement, Larry’s practical experience will be vital in helping us fuel even more expansion.”
As a fiscal leader, Somma’s experiences incorporate building world wide finance methods, boosting task and company capital, overseeing treasury operations and liquidity administration, top business risk administration (ERM), and managing financial danger, including overseas exchange, commodity, and curiosity level. In his latest purpose as a corporate treasurer, he accomplished 6 financial debt issuances (USD and EUR) totaling $6 billion. Somma has also experienced an expatriate assignment primary a procurement team, managed investor relations action, and was a main staff member for an initial community offering (IPO), a corporate spin-off and a leveraged buyout (LBO).
Somma holds an M.B.A in Finance from the College of Buffalo (1992), as effectively as a M.E. in Engineering Management (1989) and B.S. in Mechanical Engineering (1988) from Cornell University.
Larry Somma stated, “PureCycle is getting meaningful action to assist conclusion the plastic squander crisis and I am very pleased to be joining this team. PureCycle has knowledgeable meaningful enlargement and accomplishment presently and I’m unbelievably thrilled to deploy my fiscal experience, small business contacts, and standpoint to assist PureCycle scale and carry this revolutionary idea and know-how to market.”
Somma will triumph Michael Dee, who served as the Company’s CFO since the November 2020 announcement of the merger with ROCH Acquisition I. Dee spearheaded the elevating of shut to $750 million for PureCycle’s enlargement and aided make certain the completion of the merger into a publicly listed enterprise. Dee will ensure a seamless changeover and think an advisory job for the upcoming 60 days.
Michael Dee, CFO, PureCycle, stated, “In a 40-calendar year fiscal profession, PureCycle is one particular of the most interesting companies I have labored with. To have been element of this sort of an remarkable team who will fix a important part of our global plastic air pollution crisis has been both of those gratifying and thrilling.”
Otworth extra, “I might like to thank Michael Dee for his huge perform more than the earlier year listed here at PureCycle. He has played an instrumental job in advancing our company to exactly where we are currently. His yrs of practical experience and expertise of financial institutions assisted PureCycle achieve a thriving merger into a public company and protected a great deal required funds to construct our flagship facility.”
Somma is expected to begin as PureCycle’s new CFO on Monday, Nov. 15, 2021.
About PureCycle Systems
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a world license to commercialize the only patented solvent-centered purification recycling engineering, created by The Procter & Gamble Corporation, for restoring waste polypropylene (PP) into extremely-pure resin. The proprietary process eliminates coloration, odor and other contaminants from recycled feedstock ensuing in extremely-pure polypropylene ideal for any PP sector. To master extra, visit purecycle.com.
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