Indorama Ventures Public Company Limited (IVL) would like to inform that it has, through its indirect subsidiary Indorama Ventures Holdings LP, signed a definitive Share Purchase Agreement on 3rd December 2019 with LQ Inc. to acquire 100% equity stake of Green Fiber International Inc. (GFI), a company incorporated in the USA and having plastics recycling facility in Fontana, California, USA.
The facility produces primarily Recycled Polyethylene Terephthalate (rPET) Flake with a combined capacity of 40,000 tonnes/annum.
This acquisition is strategically in-line with the IVL’s long-term sustainability objectives and part of the company’s stated plan to invest significantly in recycling over the next five years. The proximity of the facility to a large supply of recovered PET bottles on the US West Coast will create new opportunities to meet the increasing demand for rPET in more sustainable packaging solutions.
Mr. Yashovardhan Lohia, Executive Director and Chief Recycling Officer of Indorama Ventures, said, “We are really excited to have completed the acquisition of Green Fiber International, and welcome GFI’s employees to the Indorama Ventures family. At Indorama Ventures, we play a key role in promoting the circular economy and environmental sustainability globally by pursuing the right opportunities to fill gaps that are intrinsic to a sustainable future. We strongly feel that this acquisition will contribute to profitable future growth in the sustainable recycling business with the potential to expand further.”