Thai plastic maker commits $1.5 billion to recycling
BANGKOK, VNA - Thai chemicals company Indorama Ventures on August 21 announced its commitment to investing 1.5 billion USD in recycling as authorities are encouraging more recycling and consumers become more aware of the environmental impact of single-use plastic.
Indorama Chief Executive Aloke Lohia said the group will invest 1 billion USD in recycling over the next five years, adding this will include greenfield and brownfield mergers and acquisitions focusing on bottle-to-bottle recycling.
Indorama has 11 recycling sites around the world, including plants in Thailand, Mexico and France, and aims to step up its green credentials in response to new regulation being rolled out by governments as well as changing expectations from customers.
Indorama was set up in Thailand in 1994 with about 200 employees. The company has since grown to employ 18,000 people across 31 countries. Its main business is the production of PET resin, a polymer used to make plastic bottles and fibres used in products like seat belts and tyres.
In the 12 months to June 30, the company produced nearly 5,000 kilotons of PET for such customers as Coca-Cola, PesiCo and Nestle.
The European Commission in March announced a target to incorporate 25 percent of recycled plastic in PET bottles by 2025, with a targeted 90 percent collection rate. - VNA