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Indorama Ventures acquires Californian PET recycler Green Fiber International

December 05/2019

MOSCOW (MRC) -- Global chemical manufacturer Indorama Ventures (IVL) has acquired Green Fiber International Inc (GFI), a recycling company in Fontana, California, USA, reported The Nation Thailand.

The facility produces Recycled Polyethylene Terephthalate (rPET) flakes. The acquisition has a combined capacity of 40,000 tonnes/annum.

Green Fiber International has been offering high-quality recycled PET bottle flakes for food contact to the US West Coast packaging market since 2018.

This acquisition extends IVLs recycled flake supply chain to the West Coast, allowing the company to further support the efforts of its customers in the water and soft drinks industry to ensure that PET bottles are recycled and put to further use, thus ensuring the creation of a circular economy.

The acquisition is strategically in line with IVLs long-term sustainability objectives and part of the company's stated plan to invest significantly in recycling over the next five years.

The proximity of the facility to a large supply of recovered PET bottles on the US West Coast will create new opportunities to meet the increasing demand for rPET in more sustainable packaging solutions.

"We are really excited to have completed the acquisition of Green Fiber International, and welcome GFIs employees to the Indorama Ventures family. At Indorama Ventures, we play a key role in promoting the circular economy and environmental sustainability globally by pursuing the right opportunities to fill gaps that are intrinsic to a sustainable future. We strongly feel that this acquisition will contribute to profitable future growth in the sustainable recycling business with the potential to expand further," Yashovardhan Lohia, executive director and chief recycling officer of Indorama Ventures, said.

As MRC informed previously, in February 2019, IVL commenced production of purified terephthalic acid (PTA) and polyethylene terephthalate (PET) at plants it acquired from Artlant PTA in Portugal and EIPET in Egypt.

According to MRC's ScanPlast report, Russia's estimated PET consumption dropped in September 2019 by 10% year on year, totalling 58,210 tonnes. Overall, 551,320 tonnes of PET was processed in Russia in the first nine months of 2019, up 9% year on year.

Indorama Ventures Public Company Limited, listed in Thailand, is one of the world's leading petrochemicals producers, a global manufacturing footprint with 59 sites in 20 countries across Africa, Asia, Europe and North America. The company's portfolio is comprises necessities and high value-added (HVA) categories of polymers, fibers, and packaging. Indorama Ventures has approx. 15,000 employees worldwide.


mrcplast.com
Author:Margaret Volkova
Tags:PET-granulate, terephthalic acid, packaging, PET bottles, Indorama Ventures PLC, Egypt, Portugal, Russia, USA.
Category:General News
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