Thai chemicals company Indorama Ventures has committed $1.5 billion of investmen...
) has committed $1.5 billion of investment in recycling as consumers become more aware of the environmental impact of single-use plastic and regulators push for more recycling, it said on Wednesday.
Indorama’s main business is the production of PET resin, a polymer used to make plastic bottles and fibers used in products such as seat belts and tyres.“We are investing $1 billion in recycling over the next five years,” Chief Executive Aloke Lohia told Reuters on Wednesday, adding that investment would include greenfield and brownfield mergers and acquisitions focusing on bottle-to-bottle recycling.
In March the European Commission announced a target to incorporate 25% of recycled plastic in PET bottles by 2025, with a targeted 90% collection rate.
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