IVL adds capacity via acquisition
published : 18 Jun 2021 at 04:00
newspaper section: Business
Petrochemical manufacturer Indorama Ventures (IVL) has completed its acquisition of CarbonLite Holdings' facility in Texas to increase its polyethylene terephthalate (PET) recycling capacity.
The CarbonLite Holdings plant in Dallas, renamed Indorama Ventures Sustainable Recycling following the acquisition, is one of the largest producers of food-grade recycled pellets (recycled PET) in the US, with a combined capacity of 92,000 tonnes annually.
The facility is slated to recycle more than 3 billion PET plastic beverage bottles per year and support more than 130 jobs directly.
IVL is the world's largest producer of recycled PET for beverage bottles. With this acquisition, IVL expands its US recycling capacity to 10 billion beverage bottles a year, towards its global target of recycling 50 billion bottles (750,000 metric tonnes) annually by 2025.
Thailand-based Indorama Ventures entered the US PET market in 2003. In 2019, the company acquired recycling facilities in Alabama and California, bringing a circular business model to its US operations.
"We are pleased to support more than 130 green jobs for the Dallas community. Indorama Ventures Sustainable Recycling, as it will now be known, will complement our existing PET and fibre businesses in the US," said D.K. Agarwal, chief executive of combined PET, integrated oxide derivatives and fibres business at IVL.
"By providing an expanded global recycling presence, we will meet the growing needs of our customers."