PAINESVILLE, OHIO-PET Processors Inc., a Painesville toll compounding company, received a 50 percent, five-year tax abatement on a $2.1 million equipment investment. By the end of the year, PET Processors will add seven reactors to handle growth and additional volume in the recycled PET, polybutylene terephthalate and polyethylene napthalate markets, said Controller Mike Jeziorski. This will give the company 22 reactors in its 350,000-square-foot plant.
The company also plans to add 15 employees to its staff of 91.
PET Processors upgrades recycled PET clear and green pellets as well as PEN and PBT, then sells the pellets to processors, including injection molders and blow molders, who use them in food packaging.