Quality Circular Polymers is building a new plastics recycling operation in Geleen, the Netherlands' Chemelot industrial chemical site, with a capacity of 100,000 metric tons of polypropylene and polyethylene per year, at full production.
The total investment will be 75 million euros ($103 million), over three phases. The first phase, an investment of 35 million euros ($48.3 million) is expected to go into production by the end of 2015, creating up to 40 jobs. At full production, the plant should employ 100 direct jobs.
Leading QCP are two entrepreneurs with experience in petrochemicals — CEO Huub Meesen and Marc Houtermans, chief operating officer. The investor is the newly formed Chemelot Ventures, which is the successor of Limburg Ventures. The co-investor is LNV Industriebank LIOF, the regional Limburg investment firm.
QCP is working with SITA Netherlands, the recycling and waste-to-energy unit of French water treatment and waste management company Suez Environnement SA, according to executives of the recycling company.