ECO Plastics agrees £15m venture
Recycling business ECO Plastics has received the thumbs-up for a £15m joint venture with Coca-Cola Enterprises. The company has received planning permission to expand its sorting facility in Hemswell, Lincolnshire.
The venture will increase its capacity so it is able to provide Coca-Cola with recycled bottles.
The landmark joint venture was signed in March and will see ECO Plastics continue to source, sort and clean used plastics, which will then be broken down, made into food-grade plastics and used to make Coca-Cola’s famous bottles.
Coca-Cola has signed up to the enterprise for ten years and is also providing £5m towards the development, with ECO Plastics raising the remaining £10m.
ECO Plastics chairman Peter Gangsted said: "This announcement is the next phase in ECO Plastics’ development. Over the last year we have successfully transformed our plant into the largest and most sophisticated in Europe, renamed the business and signed a major deal with the world’s biggest beverage brand.
"We will not take our foot off the pedal and expect to start construction over the summer in order to have the site operational in time for the 2012 Olympics."
