Peerless recently announced plans to close its manufacturing company. Rentech was already trying to expand, and with the buyout, most employees at Peerless will be able to keep their jobs.
The DCOA calls the move a win-win situation.
"Very good news for the employees most of all. It's great news for Rentech too. They were anticipating having to build a new building. This saves them a lot of money, to be able to consolidate some of their operations," said Richard Burdine with the DCOA.
About 30 former employees of Peerless will be new employees of Rentech.