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The World Economic Forum annually held in a Swiss city Davos has awarded Lehigh Technologies, a company specializing in micronized rubber powder manufacturing, due to the corporation’s continuing efforts to give new life to materials derived from scrap tires. Lehigh Technologies is headquartered in US, Atlanta, and is a part of a global name Group Michelin after it acquired the firm more than a year ago.

The TIP plan created in 2005 is partly managed by Bridgestone, Goodyear and Michelin. Other big names, including Pirelli and Continental, are also involved in the initiative. In total, all the stakeholders represent over 60 percent of international tire producers who provide jobs for over 650,000 employees. To keep the project going, once in two years the CEOs meet in Geneva to hold talks.

TreadWright, a US-based company that renovates old tires in a sustainable manner producing a totally new rubber for vehicles, claims that their innovative product is cost-effective, durable, top-quality and environment-friendly. The company takes used tire casings and remolds new rubber onto the old casings– this procedure prevents accumulation of waste tires on landfills and finds use for thousands of discarded tires.