IVL
Due to new bottle-to-bottle initiatives like the newly constructed PETValue recycling factory in the Philippines, the supply of recycled PET for the manufacture of synthetic fibers is projected to become significantly more scarce in the upcoming years.
It would recycle an additional two billion discarded PET (polyethylene terephthalate) plastic bottles in the Philippines each year as a joint venture between Indorama Ventures (IVL) and Coca-Cola Beverages Philippines, the company responsible for bottling Coca-Cola.
The facility strengthens IVL’s standing as the leading manufacturer of recycled resin used in plastic beverage bottles in the world. In order to create recycled PET resin suitable for use in food-contact applications, it will wash and shred post-consumer bottles into flakes at a facility in General Trias, Cavite Province, south of Manila.
In order to reach its 2025 goal of raising its recycling capacity to 750,000 tons annually, IVL has already gone past the halfway point. The company has a new goal to reach a post-consumer PET bale input of 1.5 million tons annually by 2030 and is investing $1.5 billion internationally to increase recycling facilities and sustainable production.
The Philippines’ most cutting-edge infrastructure and technologies will be introduced by PETValue, helping to increase recycling and collection rates and stop leakage into waterways. To deal with the rising post-consumer waste management issue in the Philippines, the new plant will promote a more robust waste value chain. The distinctive PET plastic, which is used in soft drink and water bottles, is the most widely collected plastic packaging in the world and is 100% recyclable. To seal the loop and promote a circular economy, major international firms like Coca-Cola are using more recycled plastic in their bottles.
Yash Lohia, chairman of IVL’s ESG Council, said that they acquired a PET recycling factory in Texas in 2021 and made plans to develop a new facility in Indonesia. This announcement is the result of a joint venture agreement we signed with Coca-Cola in 2020 to construct a cutting-edge recycling facility in the Philippines. They also purchased two recycling facilities in Poland and one in Brazil in the same year. Given the difficult pandemic context, this is something to be thankful for. These seven facilities will join a network of recycling facilities already in place in the Netherlands, France, Ireland, Alabama, and Ireland.
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