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Thai chemical company Indorama Ventures (IVL) said it will invest about $5 billion in PET recycling over the next five year.
"We've prepared a $1 billion grant budget for recycling so that by 2025, when brands want to reach 25 percent recycled plastic in their packaging, IVL will be able to offer that," said Aloke Lohia, CEO of I.
“As IVL is one of the largest PET companies in the world, all our partners are discussing the importance of PET recycling with .”
“They want to use PET as their main packaging material choi.
We are also seeing more and more plastic packaging switching to PET packagi.
This is good newsfor .
We have to make sure that the company can supply 25% recycled plastic conte.
”
In addition to the $1 billion investment Lohia mentioned above, he also said that IVL plans to invest a further $500 million to help its customers achieve a 25 percent recycled PET content in their packagi.
The target was announced by the European Commission in March this year, and IVL included brands such as Coca-Cola, Pepsi and Nestle on the target li.
Bangkok-based IVL has a total of 11 recycling sites in Asia, the Americas and Euro.
Last year, the company acquired a. PET recycling plant from Custom Polymers PET LLC and built a state-of-the-art recycling plant in Mexico that it says can handle 100 million pounds (45,359 tons) of plastic bottles a ye.
IVL's main business is the production of primary PET, and the company's PET production capacity was around 5 million tonnes in the past ye.
However, Lohia believes that the enhanced recycling business will not affect the business of PET production, because with the growing market demand for recycled plastic packaging, the enhanced PET recycling business will improve the company's supply m.
Earlier this month, IVL announced it was buying Huntsman Corp's chemical intermediates business for about $0.8 billion.
