Plastics News reported in March that U.S.-based engineered plastics recycler MBA Polymers had raised $40 million in investment since summer 2010 for continued expansion. Now it looks like the company is also looking for more funding in China for a new plant there.

The seven-year-old Chinese joint venture, Guangzhou GISE-MBA New Plastics Technology Co. Ltd. (GMP), sent its general manager Wang Zhongyuan to a networking event for investment and financing for clean technologies held last month in China, according to a report from the 21st Century Business Herald.

When it was launched in 2005, GMP's Guangzhou plant was MBA Polymer's first commercialized recycling facility. It currently processes 40,000 tons of plastic waste and churns out more 30,000 tons of recycled resin per annum. GMP plans to build a new plant to address strong market demand, Wang was quoted as saying.

When asked about the supply of plastic waste, Wang said most material came from Europe. The company gets paid to take some of the waste, instead of paying for it, he added.

The Guangzhou plant was built with an investment of 124 million yuan (about US$15 million at that time). Wang said the new plant needs a larger investment.

GMP has been in the red ever since the opening, with the exception of 2008, when it managed to make a small profit. But Wang said the situation has changed since last years and he expects to see "really good profit" this year. It mainly supplies to appliances, automotive and office electronics manufacturers.

Potential investors were also interested in the ownership of the recycling technology. The report said key equipment for the new factory will be purchased from MBA Polymers.