Indorama Ventures, a producer of urea, phosphate fertilizers, polyolefins, synthetic gloves, cotton and synthetic spun yarns, has increased recycling facility in Brazil.
The recycling facility, located in Juiz de Fora, Minas Gerais, Brazil, is increasing its production capacity from 9 thousand tons to 25 thousand tons per year of PET made from post-consumer recycled (PET-PCR) material. The project is part of Indorama Ventures’ Vision 2030 ambition to continue building a sustainable global company, including spending $1.5 billion to increase its recycling capacity to 50 billion PET bottles per year by 2025.
The expansion of the recycling facility is being supported by a Blue Loan from the International Finance Corporation (IFC), a member of the World Bank.
It must be noted that Indorama Ventures has invested $20 million to optimize its Brazil facility’s processes and acquire new equipment such as washing machines to help remove labels, grind bottles in water and reduce water consumption by 70%, the company said in a press release.