New start-up Viridis Plastics UK has acquired the assets of Blackwood-based Plastics Sorting with help from the Welsh government.
Plastics Sorting, which went into administration at the start of the year with the loss of 30 jobs, operated a 100,000 square foot PET bottle recycling plant. The investment by Viridis Plastics UK, whose parent company is the Ireland-based Viridis Plastics Group, will initially recreate the 30 lost jobs with the possibility to increase that to 80 posts within three years.
Welsh business minister Edwina Hart said: "I am pleased the Welsh Government is supporting Viridis Plastics with repayable business finance to ensure that the Blackwood facility achieves its full potential and becomes a leader in the sector. By supporting this acquisition it provides an opportunity to create a sustainable business with potential for growth that brings economic benefits and jobs to Wales.
"The company operates in the energy and environment sector, one of the Welsh Government's priority sectors with potential for high growth and I am pleased to hear of their longer term proposals for the business."
Gregg Twomey, managing director of Viridis Plastics Group, said the aim is to become a trusted supplier and processor of high-quality material in the sector and to establish one of the largest plastic recovery businesses in the UK. The company also hopes to work with Wrap in the future to develop other plastic up cycling projects
The company already has orders for 20,000 tons of PET and he anticipates reaching full capacity production within 18 months. Viridis will be exporting product to France, Germany and Ireland initially.