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,” says chief executive Aloke Lohia adding that investment would include greenfield and brownfield mergers and acquisitions focusing on bottle-to-bottle recycling.
Indorama has 11 recycling sites around the world, including plants in Thailand, Mexico and France, and aims to step up its green credentials in response to new regulation being rolled out by governments as well as changing expectations from customers.
In March the European Commission announced a target to incorporate 25% of recycled plastic in PET bottles by 2025, with a targeted 90% collection rate.
After 2023 Indorama plans to invest an additional $500 million by 2025 to help its customers to achieve the 25% target, Lohia added.
Indian-born Lohia started Indorama in Thailand in 1994 with about 200 employees. The company has since grown to employ 18,000 people across 31 countries.
“There is infrastructure in the world to recycle PET. The problem lies in the collection,” he says.
