Turnover at K2 Polymers is expected to expand from £1 million to £3.5 million this year thanks to new investment.
The company, which recycles complex fibre and steel reinforced plastics including hosepipes and pipes and cables used by the oil industry, has invested £500,000 in new recycling technology.
Based in both Leicester and Newcastle, the firm has said that the new equipment will enable it to safely control everything that was extracted from the piping materials including volatiles fumes, oil and sea water.
K2 Polymers managing director Kevan Kirby told the Leicester Mercury newspaper: “We’ve been at the forefront of recycling complex fibre and steel reinforced plastics for many years and investing in the new machine has further strengthened our position and will enable us to double the production we do on site. We’re processing materials from all over the world in Leicestershire, from piping used in the North Sea to the Gulf of Mexico and Brazil.”