Mr. Yashovardhan Lohia, Chief Recycling Officer at Indorama Ventures said, “Today we recycled our 50 billionth PET bottle, since we started in 2011. As a Thai company, we are very proud to achieve this major global recycling milestone. We want to go further because we know PET is fully recyclable and uses less energy and water to produce than alternative beverage packaging. In five years’ time we aim to recycle 50 billion bottles a year.
“To achieve this,
we have committed up to US$ 1.5 billion to expand our recycling business.
Our work will support household brand names who are using more
and more recycled PET in their bottles.”
“No recyclable PET
bottle should leak into our environment. We are building the recycling
infrastructure the world needs. Our facilities close the loop and deliver a circular
economy for PET bottles.” Mr. Lohia said.
Mr. Richard Jones, Senior Vice President for Corporate Communications and Sustainability said, “This is an amazing target to have hit and we are pushing further rapidly. On 9thMarch we were pleased to sign a new joint venture with Coca-Cola that will build an advanced recycling plant in the Philippines. This facility will produce food grade recycled PET for new bottles.
“We now are able to
supply the major brands with safe and hygienic bottles made from recycled PET
in Europe, the Americas and for the first time in Southeast Asia, in the
Philippines. The plant is expected to be completed by the end of
2021,” Richard said.
Food-grade Recycled Polyethylene terephthalate (rPET) is a plastic or polymer approved by the FDA, Health Canada and the European Food Safety Authority amongst others.PET is the most used packaging materials for soda and water bottles with 41% of volume share compared to that of aluminium and glass.Recycled PET bottles are used to create new beverage bottles and many long-lasting products in the clothing and home furnishing sectors.50 billion recycled PET bottles averted circa 1.1 million tons from landfillThis is the equivalent of 203,700 elephants in weight or, if they were all 500ml bottles laid end-to-end, they would stretch to the moon and back 15 times.The saving of three million barrels of crude oil is equivalent to 500 roundtrips from Atlanta in USA to Sydney in Australia by car.As part of the Ellen MacArthur Foundation’s New Plastics Economy Global Commitment, Indorama Ventures committed to increase its PET recycling capacity to 750,000 tons per year and invest up to US$ 1.5 billion to achieve this goal by 2025.
About Indorama Ventures
Indorama
Ventures Public Company Limited, listed in Thailand (Bloomberg
ticker IVL.TB),
is one of the world’s leading
petrochemicals producers, with a global manufacturing footprint across Africa,
Asia Pacific, Europe and Americas. The company’s
portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama
Ventures products serve major FMCG and automotive sectors, i.e. beverages,
hygiene, personal care, tire and safety segments. Indorama
Ventures has approx. 24,000 employees
worldwide and consolidated revenue of US$ 11.4
billion in 2019.
The Company is listed in the Dow Jones Emerging
Markets and World Sustainability Indices (DJSI).
Indorama
Ventures is headquartered in Bangkok, Thailand with global operating sites in
EMEA: The
Netherlands, Germany, Ireland, France, UK, Italy, Denmark, Lithuania, Poland,
Czech Republic, Luxembourg, Spain, Turkey, Nigeria, Ghana, Portugal, Israel,
Egypt, Russia, Slovakia, Austria, Bulgaria
Americas: USA,
Mexico, Canada, Brazil
Asia Thailand, Indonesia, China, India, the Philippines, Myanmar ,
Pacific: Australia
This document contains “forward-looking statements” about the financial condition and results of operations of Indorama Ventures Public Company Limited (the “Company”), which are based on management’s current beliefs, assumptions, expectations and projections about future economic performance and events, considering the information currently available to the management. Any statements preceded by, followed by or that include the words “targets”, “believes”, “expects”, “aims”, “intends”, “will”, “may”, “anticipates”, “would”, “plans”, “could”, “should, “predicts”, “projects”, “estimates”, “foresees” or similar expressions or the negative thereof, identify or signal the presence of forward-looking statements as well as predictions, projections and forecasts of the economy or economic trends of the markets, which are not necessarily indicative of the future or likely performance of the Company. Results given here are “Core”, which means excluding inventory gain/losses and one-time extraordinary items.
# # #
