U.K. company will invest nearly $19 million to double the capacity of its plastics recycling facility.
The United Kingdom’s Deputy Prime Minister Nick Clegg has signaled approval of U.K.-based Closed Loop Recycling's plan to double capacity at its East London plastics recycling facility. The company will invest around £12 million (US$18.745 million) on the facility. Additionally, the expansion will result in adding or safeguarding more than 100 jobs at Closed Loop’s facility in the Dagenham site.
The expansion will double the plant’s capacity to around 85,000 metric tons per year. Construction on the site is expected to begin by 2013. When finished, the plastics recycling plant will be able to increase food-grade HDPE output, improve sorting facilities and improve the plant’s economies of scale.
U.K. Trade and Investment Minister Lord Green says, “I congratulate Closed Loop Recycling on its success in plastics purification and encouraging recycling – especially during the Olympics. I warmly welcome its expansion plans, which are an excellent reflection of the strength of the U.K. market for low-carbon and environmental goods and services.”