Thai chemicals giant Indorama Ventures Public Co Ltd (IVL) has expanded its recycling portfolio with the acquisition of Green Fiber International Inc. (GFI), a US plastics recycler.
Based in Fontana, California, GFI produces recycled polyethylene terephthalate (rPET) flakes and has a production capacity of 40 kilotonnes per annum (ktpa).
The plant, said IVL in a 4 Dec release, is strategically located near a large and reliable supply of recovered PET bottles on the US West Coast, and supplies food contact grades to the region’s packaging industry.
The acquisition will enable the company to further support its local customers in the water and soft drinks industry in increasing their recycled content.
Welcoming GFI employees to the Indorama Ventures family, Yashovardhan Lohia, executive director and chief recycling officer of Indorama Ventures said the acquisition would contribute to “profitable future growth” in the sustainable recycling business with the potential to expand further.
The acquisition is in alignment with IVL’s long-term sustainability objectives and part of the company’s stated plan to invest significantly in recycling over the next five years.
In August, the company, which is the world’s largest PET maker, disclosed plans to invest at least $1bn (€900m) by 2025 in producing recycled materials for the packaging industry.
IVL has established what it calls a separate vertical within the company's structure to combine all the company's recycling assets.
Earlier in May, the Thai group unveiled its 100% recycled PET brand – Deja – as part of its continuous commitment to deliver responsible and sustainable growth.
The Bangkok-based company said it developed the brand in response to global concerns about the environmental impact of plastic.