Indorama Ventures Public Company Limited (IVL), a global chemical manufacturer, has acquired Green Fiber International Inc. (GFI), a recycling company in Fontana, California, USA. The facility produces Recycled Polyethylene Terephthalate (rPET) Flakes.
The acquisition has a combined capacity of 40,000 tonnes/annum.
Green Fiber International Inc. offers high-quality recycled PET bottle flakes for food contact to the US West Coast packaging market since 2018.
This acquisition extends IVL’s recycled flake supply chain to the West Coast, allowing us to further support the efforts of our customers in the water and soft drinks industry to ensure that PET bottles are recycled and put to further use, thus ensuring the creation of a circular economy.
The acquisition is strategically in-line 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. The proximity of the facility to a large supply of recovered PET bottles on the US West Coast will create new opportunities to meet the increasing demand for rPET in more sustainable packaging solutions.
Mr. Yashovardhan Lohia, Executive Director and Chief Recycling Officer of Indorama Ventures, said, “We are really excited to have completed the acquisition of Green Fiber International, and welcome GFI’s employees to the Indorama Ventures family. At Indorama Ventures, we play a key role in promoting the circular economy and environmental sustainability globally by pursuing the right opportunities to fill gaps that are intrinsic to a sustainable future. We strongly feel that this acquisition will contribute to profitable future growth in the sustainable recycling business with the potential to expand further.”
Source: Indorama Ventures