Phoenix Technologies to Enhance R-PET Production Volume in Ohio
- 01-Sep-2022 5:44 PM
- Journalist: Bob Duffler
PET reclaimer Phoenix Technologies International will increase its capacity by two times its current ability to manufacture food-grade R-PET, permitting it to deliver as much as 140 million pounds annually. The organization reported that the Bowling Green, Ohio-based reclaimer was bought by Taiwan-based plastics maker Far Eastern New Century (FENC) in 2019.
Phoenix, possessed by a FENC subsidiary called APG Polytech USA Holdings, is attempting to twofold its ability by mid-2023, as indicated by an official statement.
"The extension will comprise of process innovation that is known and tried all through the business and will permit us to help our rising client requests quickly at startup," as per the statement, which came out yesterday (31st August 2022). "As North American brands increment their help of eco-friendly materials, this is a subsequent characteristic stage in our product development." The release recommended different developments be arranged "on the close term skyline.
The organization stated the venture is following the organization's objective of lessening fossil fuel byproducts by 20% by 2025 and 40% by 2030, with an objective of net zero by 2050. It likewise expects to assist with developing brand proprietor appetites for R-PET, including those propelled by reused content orders in California, Washington state, and New Jersey, and deliberate objectives set through organizations' support in the Ellen MacArthur Foundation's New Plastics Economy Global Commitment. In any case, worries about where the stockpile of reused plastic will come from, given stale recuperation rates for PET containers around the U.S. and a lack of new container deposit programs coming online.
In June 2019, FENC bought a 90% stake in Phoenix with a $10 million venture, albeit the net expense was generally $3 million after deducting cash FENC procured in the arrangement. In August 2020, it acquired the leftover 10% proprietorship in Phoenix, bringing its all-out venture up to $16.5 million, monetary reports show.
Phoenix Technologies is FENC's only PET recycling resource in North America, even though it possesses virgin plastic creation resources. The organization likewise has PET recycling plants in Taiwan and Japan.
APG Polytech USA Holdings is a collaborator in a venture to construct a huge virgin PET creation plant in Corpus Christi, Texas. That development project, which had been put off for a very long time, has recently continued. The plant will be capable of creating 1.1 million tons of PET and 1.3 million tons of PTA, a synthetic utilized in PET.