UK recycling firm ECO Plastics raises £24m to expand Hemswell plant

19 July 2011 15:22  [Source: ICIS news]

LONDON (ICIS)--UK-based bottle recycling firm ECO Plastics has raised £24m ($38.7m, €27.3m) to drive expansion plans at its recycling facility at Hemswell in the UK, it said on Tuesday.

The expansion at the Lincolnshire facility, which was given planning approval in May, will increase its plastic bottle processing capacity from 100,000 tonnes/year to 140,000 tonnes/year, just under half the total collected in the UK last year, ECO Plastics said.

The expanded facility will become fully operational in 2012, it added.

“We will recycle used British packaging in Lincolnshire, for re-use in packaging sold in Britain. The UK sustainable packaging market has huge growth potential and our expansion will make ECO Plastics a world leader,” said ECO Plastics chairman Peter Gangsted.

In March, ECO Plastics entered into a joint-venture with drinks manufacturer Coca-Cola Enterprises to develop a new purpose-built recycling facility at its site in Hemswell.

The funds will support the construction and operation of an expansion to ECO Plastics’ existing plastics processing plant, as well as provide the investment required to build and operate the joint-venture business that will supply recycled polyethylene terephthalate (R-PET) to Coca-Cola for soft drinks packaging over the next 10 years, it said.

($1 = £0.62, €1 = £0.88)

For more on R-PET visit ICIS chemical intelligence

By: Franco Capaldo
+44 (0)20 8652 3214

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