A total investment of €35 million (£30.5 million) is being made to construct a new PET recycling plant in Latvia.
Eco Baltia, which is the largest waste management company in the Baltics, has invested an initial €10 million (£8.71 million) in the project.
Although Eco Baltia hasn’t announced the tonnages that will be processed each year, it has said that the PET Baltija plant in Olaine will be one of the largest and most modern in Europe.
The existing PET Baltija facility in Jelgava will be relocated over time. Construction has already started on the new facility with production expected to begin in the first quarter of 2024.
Eco Baltia chair Māris Simanovičs said: “In recent years, we have pursued a rapid development strategy for the Eco Baltia group in the Baltics and beyond. In addition to its organic growth, we have also acquired several companies to ensure the production of the best possible final product in PET recycling as well as expanding our offering for environmental management.
“This development of a new PET Baltija factory is one of the most ambitious business expansion projects by Eco Baltia in recent years. The main objective is to increase the food grade rPET pellets production capacity and provide the necessary conditions for the company’s further development, as well as to strengthen our market share within the European market.
“This will undoubtedly create additional value for our customers and partners respectively, as well as provide better working conditions for our employees.”