Japanese textile trader GSI Creos invests in plastic recycling
TOKYO, NNA - Japanese textile trader GSI Creos Corp. is moving into plastic recycling through a purchase of shares in Shinenshoji Ltd.
The Tokyo based firm said it is shifting its focus to more environmentally friendly business. It declined to disclose details of the share purchase.
Shinenshoji, based in Yokohama, buys plastic and resin waste from Japanese manufacturers for recycling at a factory in Benin, Malaysia, run by its local unit Unicorn Industry (M) Sdn.
GSI Creos said Tuesday that it plans to expand sales of the recycled products to other Asian countries, including Japan, as well as to Europe and the United States.
It is aiming for annual sales of 1 billion yen ($9.3 million) in the current fiscal year ending next March.