Thailand’s Indorama Ventures has bought an 85% stake in Czech PET recycler UCY Polymers CZ.
UCY is the leading PET recycler in the Czech Republic processing 40,000 tonnes per year of post-consumer PET.
With an investment of €6.8 million (£5.66 million), it will contribute to Indorama’s goal of achieving 750,000 tonnes of recycling capacity by 2025.
It is investing $1.5 billion (£1.12 billion) in reaching this target.
The investment is expected to see UCY expanding the facility to serve more customers in the Czech Republic, Germany and Central Europe.
UCY chief executive Maximilian Josef Söllner said: ““We look forward to adding our robust supply of post-consumer bottles, well-established technology and proven management team to IVL.
“Expanding our capacity by 2025 means an extra 896 million more bottles will be recycled in our facilities compared with today.”