Thai firm buys California plastic recycling company
Thailand is taking sustainability to the U.S. as Thai petrochemical company Indorama Ventures announced last week it had purchased Green Fiber International, a plastic recycling firm based in California.
“The acquisition is in line with our long-term sustainability objectives and part of the company’s stated plan to invest significantly in recycling over the next five years,” said Yashovardhan Lohia, Indorama’s Executive Director and Chief Recycling Officer.
The facility located in Fontana, California, recycles polyethylene terephthalate (rPET) flakes that are used to make plastic packaging, mainly for food. It has a capacity of 40,000 tons of recycled flakes per year.
Plastic pollution is a serious global problem. Recycling and reuse are on the rise as many companies in Thailand and the U.S. adopt principles of the Circular Economy, which emphasizes the wise use of resources as well as recycling and reuse.
Indian-Thai businessman Aloke Lohia founded Indorama Ventures in 1994. It is one of the world’s leading producers of intermediate petrochemicals and a global manufacturer of wool yarns.
The Fontana facility expands the company’s recycled flake supply chain to
America’s west coast. It enables Indorama to better support customers in the water and soft drinks industry to ensure that PET bottles are recycled and put to further use. The facility is another step forward in creation of a circular economy,
“The proximity of the facility to a large supply of recovered PET bottles will create new opportunities to meet the increasing demand for rPET in more sustainable packaging solutions,” Lohia said.
“This acquisition will contribute to profitable future growth in the sustainable recycling business with the potential to expand further,” he added.