PET resin and sheet maker and recycler Octal Petrochemicals LLC is eying an eventual initial public stock offering that would help fuel the company's global expansion goals.
Muscat, Oman-based Octal, which has a PET recycling operation near Cincinnati, also expects 16 percent sales growth this year, according to information released as part of Omani Industry Day this month.
“From inception, Octal has maintained an unwavering focus on investment in capacity, proprietary technology and innovation,” said Joe Barenberg, chief operating officer, in a statement.
Octal products now represent 7.3 percent of Oman's total non-oil exports.
“Oman's non-oil sectors are expected to continue growing in 2017, gaining momentum in their ability to compete on a global scale,” Barenberg said in the statement.
Calling it the third phase of growth, Octal is looking forward to “downstream expansion and value realization, with a long term goal of an IPO to support global expansion.”
While Octal issued some details about its future plans, Barenberg was not available for additional comment. He has said, in the past, that the company would like to establish locations around the world.
Octal is known for its direct PET (dPET) process in Salalah, Oman, that makes virgin sheet directly from molten resin, an approach that cuts out several steps from the conventional manufacturing process, including pelletizing and drying.
The company, Barenberg said in a 2015 interview, sees establishing additional dPET facilities in other parts of the world. And he sees more PET recycling facilities to help meet packaging demand. “We're excited about that vision of taking dPET global and pretty much fulfilling all the packaging opportunities that are available,” he previously said.
Octal started in 2006, and the company said it has experienced 10 consecutive years of growth.