Taiwan-based Far Eastern New Century Corp. (FENC) has announced the acquisition of Phoenix Technologies International LLC, Bowling Green, Ohio. Phoenix, which is a recycler of polyethylene terephthalate (PET), has a capacity to process 36,000 tons of material each year.
Phoenix is the third production site FENC has acquired in the U.S. over the last 18 months, FENC reports in a news release. Last year, the company also acquired a plant in West Virginia, a research and development center in Ohio and obtained approval to invest in a plant in Texas.
Governments around the world have enacted regulations that require businesses to increase the proportion of recycled raw materials in their products and establish recycling systems, FENC says. In light of the strong demand for green products in the U.S. market, this acquisition will help meet those sustainable development goals from FENC’s downstream global beverage brand and consumer product clients. FENC reports that the acquisition of Phoenix will help it to solidify its synergy with its subsidiary in West Virginia, as well.
FENC reports that it’s the world’s second largest recycling producer and the third largest PET resin supplier. Since 1988, FENC has been conducting research and development on the manufacturing process of recycling and its applications. Its recycling facilities are located in Taiwan, Japan and in the U.S.