BANGKOK (Aug. 10, 3:15 p.m. ET) — Resin supplier Indorama Ventures Public Co. Ltd. is investing in a new PET bottle recycling plant in Thailand's Nakhon Pathom province, near Bangkok.
The plant will make resin and fiber, and have capacity to reprocess 36,000 metric tons of waste bottles annually.
IVL CEO Aloke Lohia said: “While there are many companies working in recycled polyester, there are only a handful of manufacturers who are able to make the quality of recycled product suitable for premium applications, and there is unmet demand for recycled products.”
The new plant is scheduled to start operations by the fourth quarter of 2012.
Meanwhile, Bangkok-based IVL said its sales for the first six months climbed 105 percent to $3.2 billion (CNY20.59 billion) from $1.5 billion (CNY9.6 billion) a year ago.
“Our presence in Europe and North America has benefited the business in contrast to what the market was telling us,” Lohia said.
“The current economic slowdown in the West did not impact sales and spreads because our business is part of the non-discretionary economy. With greater consolidation of both markets today, we are seeing less volatility and better spreads. We have also enjoyed the advantages of market leadership and increased customer access with our global brands.”
Net profit for the first six months of this year rose 160 percent $238 million (CNY153 billion).