MOSCOW (MRC) -- SCG Chemicals (SCGC) and Sirplaste of Portugal have announced significant progress in advancing their circular economy business ventures in Europe, said Polymerupdate.
The companies have successfully invested in recycling technology and installed new machinery in Portugal as planned. As a result, their combined production capacity for high-quality recycled plastic resin has increased to 45,000 tons per year, UP FROM THE PREVIOUS 9,000 TONS, marking a 25% increase. This growth is particularly geared towards producing High-Quality Odorless HDPE PCR Resin, which is EuCertPlast-certified, in response to steadily growing market demand for environmentally friendly packaging in Europe. The expansion of SCGC's high-quality PCR business in Europe will enhance its market potential, maximize the utility of resources, and contribute to climate change mitigation.
Tanawong Areeratchakul, President of SCG Chemicals Public Company Limited or SCGC, elaborated on the progress in the circular economy ventures between SCGC and Sirplaste of Portugal and said: "Our circular economy business with Sirplaste is progressing as planned. The company has invested in recycling technology and successfully installed new machinery at the Sirplaste plant in Portugal, making it operational. This increases our High-Quality Odorless HDPE PCR Resin production capacity by 9,000 tons to meet the growing market demands for green packaging, particularly in the personal care and household sectors. This initiative resonates with global brand owners and consumers who prioritize environmental sustainability, particularly in European countries. Furthermore, we plan to boost our production capacity to meet the emerging mega-trends in environmentally friendly packaging. This aligns with SCGC's strategy to drive business growth and sustainability, adhering to ESG guidelines that focus on valuable resource utilization following the principles of the circular economy through Green Innovation. We are moving forward to expand our environmentally friendly plastic production under the SCGC GREEN POLYMERTM brand, targeting one million tons per year by 2030."
As per MRC, Siam Cement Group (SCG) will invest on a USD22.7m project to produce biaxially oriented polyethylene terephthalate (BOPET) in Vietnam. AJ Plast (Vietnam) Co Ltd, a 45:55 joint venture between SCG subsidiary SCG Chemicals and Thailand-listed flexible packaging producer AJ Plast, will carry out the project, SCG said in a bourse filing on 22 August.