Eco-Spindles Ltd, the pioneer of plastic bottle recycling and polyester yarn and monofilaments manufacturing company has started off Phase 2 of their expansion strategy. This was done by laying the foundation stone of 20,000 sq. ft of production space in Horana on 8th February. The polyester yarn production capacity of the Eco-Spindles will be doubled after the completion of the expanded facility.
A special ceremony was organized for the foundation laying which was attended by Dr. Anil Jasinghe, Secretary to the Ministry of Environment; P.B. Hemantha Jayasinghe, Director General of Central Environmental Authority; Sujeewa Thilakumara, Senior Deputy Director, Board of Investment of Sri Lanka Horana Export Processing Zone; S.M. Werahera, Director of Environmental Pollution Control, Chemical Management Division and Ministry of Mahaweli Development and Environment; Dr. Anush Amarasinghe, CEO and Managing Director of BPPL Holdings; Manoj Udawatte, Deputy General Manager of Eco-Spindles Ltd.; along with other senior representatives from Eco-Spindles.
Dr. Anush Amarasinghe, CEO and Managing Director of BPPL Holdings said that the foundation laying is essential for achieving sustainability for the nation and the continuous growth of the Eco-Spindles, hence they were very excited. Moreover, people are becoming aware all over the world about the urgent need of building and setting a foot in the circular economy. The step of expanding the Horana facility is a crucial move towards the same.
In Sri Lanka, Eco-Spindles is the only exporter of PET waste bottles and this subsidiary is entirely owned by BPPL Holdings PLC. Their mission is to convert PET bottle waste into export quality products which will result in reducing the environmental degradation of the island. Otherwise, these bottles may land up in the ecosystem and pollute it. Dr. Amarasinghe also said that since they are one of the pioneers in manufacturing polyester yarns from recycled PET flakes hence they are able to seize the increasing demand rapidly for such kinds of products. This is also helping them to contribute to the national economy by generating foreign exchange along with targeting the single-use plastics and dealing with its environmental threats at the same time. He also mentioned that these types of solutions are the main prospects leading to a sustainable future for the people of Sri Lanka.
The dominant fashion brands in the world are using recycled yarns sourced from local mills in manufacturing their products which is leading to the rise in demand for recycled yarns every year. This demand is going to rise continuously as the importance of sustainability is increasing continuously in many countries. At present, the capacity of Eco-Spindles is 700 tons of recycled polyester yarn every year. But this is going to increase further by 900 tons per year i.e. more than double after the completion of the new facility.
Dr. Amarasinghe also said that there is a vast difference between the current supply and demand. But direct and indirect opportunities will be promoted by the expansion strategy of Eco-Spindles for all stakeholders. This will also raise awareness among the investors who are interested in making change by offering to the local recycling sectors who have huge potential.
It is estimated that around 57% of the global market of recycled plastics is represented by PET plastics. By the end of 2025. In 2017, Commonwealth Scientific and Industrial Research Organisation estimated that the worth of recycled PET (rPET) market is going to be around $ 66.9 billion. And in this, a significant role is played by Eco-Spindles who influence the collection, recycling, and creating value-added products from waste PET bottles.
19 baling sites and the network of 400 registered recyclable waste collectors are the main sources of the company's PET bottles. The company also actively participates in public initiatives that are focused on sustainability such as Coastal Plastic Recycling Project, Sri Pada, and Kataragama Waste Management Project, and Expressway Projects.
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