MOSCOW (MRC) -- UCY Ventures Group has completed the sale of its majority stake in UCY Polymers, a Czech-based polyethylene terephthalate (PET) recycling plant to Indorama Ventures (IVL), a global sustainable chemicals producer, said Sustainableplastics.
UCY Ventures Group will retain a minority stake in the Czech entity. UCY Polymers is able to produce 40,000 tonnes of recycled PET (R-PET) flake per year. IVL plans to develop UCY to serve the growing demand for R-PET across Europe.
IVL’s existing R-PET flake production units in the region will provide the washed and shredded post-consumer bottles (PCB) which will be turned into resin suitable for food contact use. IVL will increase its R-PET recycling capacity to reach 750,000 tonnes/year by 2025.
UCY will work with IVL’s existing PET flake production facilities in the region. These provide the washed and shredded post-consumer bottles as PET flake feedstock to produce recycled PET resin that is suitable for food contact use. PET is fully recyclable and the most collected and recycled plastic packaging in Europe.
As MRC informed earlier, Indorama Ventures Sines, a subsidiary of the world leader in the production of polyethylene terephthalate (PET) - Indorama Ventures Company Ltd (IVL), plans to halt production at the refined terephthalic acid (TPA) plant in Sines (Sines, Portugal) in mid-November to conduct planned preventive measures. Repair work at this enterprise with a capacity of 700,000 tonnes/year of TPA per year will continue for one month. Thus, this plant should return to work in mid-December this year.
As per MRC, Indorama Ventures Public Company Limited, a global petrochemical producer, has started developing a new technology center under its Integrated Oxides & Derivatives (IOD) business at The Woodlands, Texas. The new facility will be the company’s U.S. research and development hub for new products used in the home, personal and industrial cleaning, agrochemicals, energy, lubricants, mining, and coatings markets.
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia Pacific, Europe and Americas. The company’s portfolio comprises Integrated PET, Olefins, Fibers, Packaging and Specialty Chemicals. Indorama Ventures products serve major FMCG and automotive sectors, i.e. beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has approx. 24,000 employees worldwide and consolidated revenue of US$ 11.4 billion in 2019. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).
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