NEWS
Indorama rectructures after big loss in 2023
Indorama Ventures, the global virgin and recycled PET producer headquar- tered in Thailand, has announced a new business strategy to deal with weak market conditions and longer-term structural shifts in its markets. In February, the group said it had made a loss of Baht 10.9bn ($300m) in 2023, compared with Baht 34.3bn profit in 2022. Aloke Lohia, Group CEO, said: “In 2023, we recognised that the ecosystem has changed, and what worked for us in the past will not work going forward. In recent months, each of our busi- nesses has undergone a stringent review, with detailed plans now in place to optimise our assets, processes, and our organisa- tion, and focus on enhancing earnings quality over the next three years.” Indorama’s restructuring
Indorama Ventures has 20 global PET recycling sites, including this one in Brazil which doubled capacity in 2023
Mattress recycling start-up
IMAGE: INDORAMA
measures include plans to increase asset optimisation from 74% to 89% by moving to lower-cost facilities and rightsizing capacity. It has taken a $308m non-cash impairment on a partly completed PTA-PET plant in Corpus Christi, Texas, US, which is on hold while the joint venture partners reassess its future. The group has not
revealed plans for any chang- es at its PET recycling operations. It operates 20 recycling sites in Asia, the
Americas and Europe, following an acquisition spree in recent years. In September 2023, Indorama announced it had reached the 100bn mark for post- consumer PET bottles it had recycled since February 2011. In that announcement, it said it had committed a further $1.5bn to expand its recycling business. In 2023, Indorama
expanded a site in Brazil and opened a facility in the Philippines with Coca-Cola. �
www.indoramaventures.com
H&S Anlagentechnik has successfully completed commissioning of an industrial-scale reactor facility for Dutch recycling company RetourMatras which uses depolymerisa- tion technology to produce recycled polyols from PU foam from end-of-life mattresses. “By converting PU waste
from end-of-life mattresses into high-quality recovered polyols suitable for use in new PU products, our innovative recycling technology can make a valuable contribution to achieving this ambitious goal of the EU waste regulation,” said Mila Skokova, Deputy Manag- ing Director Sales at H&S. In Europe, an estimated
40m mattresses are thrown away each year and most are incinerated. �
www.retourmatras.nl
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