Indorama Ventures (Bangkok) on Wednesday informed the Stock Exchange of Thailand that it has completed the previously announced acquisition of polyethylene terephthalate (PET) manufacturer Micro Polypet (MicroPet; New Delhi).
Plans for the acquisition were announced on 30 November. Indorama says the acquisition includes MicroPet’s subsidiaries Sanchit Polymers and Eternity Infrabuild. Financial details of the acquisition have not been disclosed. MicroPet’s PET plant is at Panipat, India, 90 kilometers north of New Delhi, and has a production capacity of 216,000 m.t./year. Indorama says it has completed all the closing formalities and has taken charge of the Panipat plant, effective 23 December.
MicroPet is the only PET manufacturer in northern India, and its plant is integrated with Indian Oil Corp.’s (New Delhi) production site at Panipat for its feedstocks, purified terephthalic acid, and ethylene glycol, Indorama says. MicroPet also has its own power plant. MicroPet uses melt-to-resin technology, which is also used at Indorama’s AlphaPet PET plant at Decatur, AL.
By Deepti Ramesh
Source: Chemical Week
The US State of New York is introducing two new bills to combat over-packaging, poor recycling rates and litter issues, including an Extended Producer Responsibility (EPR) program requiring companies such as McDonald’s and Amazon to pay for the cost of packaging disposal and recycling.
The new organization’s mission is to redesign the critical steps of the plastics sorting and recycling system for post-consumer lightweight packaging (LWP) to speed up circularity, born from a need to meet the rising market demand for high-quality recyclates for use in high-end plastic applications.
Starbucks and Hubbub have launched a £1 million (US$1.22 million) “Bring It Back Fund” to increase the uptake of reusable packaging in the F&B industry. The funding will go toward innovative ideas that make it easier for customers to use alternatives to single-use packaging by supporting pilot projects that help shift consumption habits.
