The funds provide a solid financial platform for the company’s expansion plans, including its joint venture with Coca-Cola Enterprises, which will more than double British production of food grade recycled material (rPET) for soft drinks packaging.
The expansion funds include a £5m equity investment by Ludgate Environmental Fund.The funds will support the construction and operation of an expansion to Eco Plastics’ existing plastics processing plant.
The expansion will increase overall processing capacity at the plant from 100,000 tonnes to 140,000 tonnes of plastic bottles per year. The expanded facility will be fully operational during 2012.
Peter Gangsted, chairman of Eco Plastics, said: “We will recycle used British packaging in Lincolnshire for reuse in packaging sold in Britain. The UK sustainable packaging market has huge growth potential and our expansion will make Eco Plastics a world leader.”
Bill Weil, chief investment officer of Ludgate investments, said: “This deal is an important step for the future of Eco Plastics in a regulatory environment where increasing recycling rates and landfill taxes highlight the importance of greater resource efficiency.”
Source: Eco Plastics
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