SEATTLE (Scrap Monster): The new joint venture between HPC Industries LLC and Macquarie Group's Commodities and Global Markets group plans to build and operate PET recycling plants across the U.S.
According to a recent news release, the Circularix joint venture plans to launch five recycling facilities across the U.S., which will have a combined annual production capacity of more than 275 million pounds of rPET resin. The first of these facilities will be located in Hatfield, PA, which is expected to become fully operational by the end of the current year.
Leon Farahnik will serve as the chairman and CEO of the joint venture entity, whereas Alex Delnik, former CEO and founder of Verdeco Recycling, will serve as president and Chief Operating Officer.
Farahnik noted that the move into rPET production marks the beginning of a major and much-needed capacity expansion in the United States. The company is excited to play an important role in the plastics recycling industry by combining its experience with that of Macquarie's, he added.
The new joint venture project is expected to deliver the practical infrastructure needed to expand production capacity for post-consumer recycled materials. Moreover, it will help to drive more post-consumer material back into higher value recycled packaging markets.
YOU MAY ALSO BE INTERESTED IN:
Sell Your Junk Car for CashGet an instant quote for your car on ScrapMonster.com