A Chinese investment firm is planning a $75 million recycling plant to process scrap plastics, electronics and other materials.
The Blacksburg, S.C. facility will be operated by Green Tech Solution, a U.S. subsidiary of Chinese investment firm Tianjin Sheng Xin Non-Financing Guarantee Co.
The company and a number of local government and private sector agencies announced the development last week. In that announcement, the company noted the facility will “collect and process a variety of materials, including plastics, scrap metal, electronics and more.”
It’s unclear which specific types of recyclables the company will handle and what its processing capacity will be. Attempts to reach the company were unsuccessful by press time.
The facility will be located in an existing industrial building just off Interstate 85. It sits on a 61.5-acre property that sold to Green Tech for $2.3 million in August, according to county records. The site used to house a textiles plant.
Green Tech is slated to begin operating in the second quarter of 2019. The project will create 200 jobs and has been approved for job development credits, according to the announcement.
Green Tech is led by CEO Richard Yang, who is chairman of the Carolinas Chinese Chamber of Commerce. The Chinese parent company also owns Wadesboro, N.C. e-scrap company USB Recycling. Yang was involved in that facility’s development as well.
Although there have only been a handful of Chinese investments in U.S. recycling since China ramped up restrictions on scrap material imports, this marks the second facility that’s been planned in South Carolina.
Chinese processor Ecomelida announced earlier this year that it will open a recycling operation in Orangeburg, S.C. focused on food and beverage cartons. Ecomelida is slated to open during the fourth quarter of 2018.
Earlier this year, an Ecomelida executive told Plastics Recycling Update his company chose to locate in South Carolina because of its support from local government, business-friendly atmosphere and convenient transportation.
In the Green Tech announcement, Yang also credited business-friendly initiatives in his company’s decision. “None of this would be possible without the assistance of the local and state allies that have supported our new endeavor,” Yang said.
In the release, South Carolina’s secretary of commerce, Bobby Hitt, noted the recent increase in investment interest. “South Carolina’s recycling industry continues to enjoy tremendous growth, and foreign investment has played a large role in this,” he said.
Photo courtesy of Green Tech Solution’s website.
More stories about markets
- Another month of price boosts for scrap plastics
- Citing markets, Trex to delay Arkansas campus completion
- Reclaimers continue upping their offers for PET scrap