Plastics maker Indorama commits $1.5 bn to recycling

BANGKOK: Thai chemicals company Indorama Ventures has committed $1.5 billion of investment in recycling as consumers become more aware of the environmental impact of single-use plastic and regulators push for more recycling, it said.
Indorama’s main business is the production of PET resin, a polymer used to make plastic bottles and fibres used in products such as seat belts and tyres.
In the 12 months to June 30 the company produced nearly 5,000 kilotons of PET.
“We are investing $1 billion in recycling over the next five years,” Chief Executive Aloke Lohia told Reuters, adding that investment would include greenfield and brownfield mergers and acquisitions focusing on bottle-to-bottle recycling. — Reuters