A PET processor will use a $2 million low-interest loan from California’s recycling agency to buy sheet extrusion line equipment and refinance onerous debt.
The California Department of Resources Recycling and Recovery (CalRecycle) approved the Recycling Market Development Zone loan to Global Plastics, Inc. (GPI) earlier this month. Based in Perris, Calif., which is outside of Los Angeles, GPI produces washed recycled flakes, pellets, sheets and thermoformed packaging.
According to CalRecycle documents, the company currently recycles about 21 million pounds of plastic per year. The project, which will include installing sheet extrusion equipment, will add an estimated 1 million pounds of capacity per year.
In the past, CalRecycle has provided nearly $6.9 million in grants and a $320,000 low-interest loan to GPI.
More stories about PET
- PET recycling startup signs deal with prime producer
- Keurig Dr Pepper now at 2% PCR in plastic packaging
- PET shrink label products meet recyclability guidelines