TotalEnergies Acquires Spanish Plastic Recycling Company to Boost Sustainable Production Goals
- 19-May-2023 12:47 PM
- Journalist: Bob Duffler
France: French energy leader, TotalEnergies, has made headlines with its recent acquisition of Ibert Reginas, a Spanish plastic recycling company. As a prominent player in the chemicals industry, company is determined to boost the amount of recycled plastic used in its plastic products to 30 percent by 2030. The acquisition is expected to help company strengthen its partnerships with other companies and achieve its sustainability goals.
Ibert Reginas, located in Valencia, Spain, operates two factories that focus on producing Polypropylene and Polyethylene through recycled industrial waste. The materials produced are then distributed to auto parts and construction materials companies. In addition to the technical details, TotalEnergies plans to broaden its sales channels for recycled plastics in Europe by leveraging its customer network.
TotalEnergies highlights plastic waste as a significant challenge in achieving a circular economy. To address the issue, Synova, a subsidiary of France's TotalEnergies, has set up a recycled Polypropylene production line with a yearly capacity of 45,000 tons. Another production line for recycled plastics, capable of producing 15,000 tons annually, is set to commence operation soon. Furthermore, TotalEnergies is collaborating with Dutch chemicals manufacturer Corbion in a joint venture in Thailand to explore bioplastics.
TotalEnergies has set an ambitious target to boost the production of recycled and bioplastics from 60,000 tonnes this year to a whopping 1 million tonnes by 2030. The company aims to achieve this objective by expanding its capacity through mergers, acquisitions, and strategic partnerships. This move underscores company commitment to sustainable practices and its drive towards becoming a leading player in the circular economy.