PureCycle to invest $363 million in plastic recycling facility
PureCycle Technologies LLC has announced that it is investing $363 million to construct a factory in Ironton to recycle over 100 million pounds of polypropylene plastic annually and create 51 new jobs.
The announcement came with the collaboration with JobsOhio, Ohio Southeast Economic Development and Southern Ohio Port Authority.
The investment is a part of PureCycle’s strategic expansion into the United States to meet the heightened demand for recycled polypropylene as part of a long-term solution to the plastics waste crisis. Recycled polypropylene is used in a variety of end-use applications, including consumer goods packaging.
“We’re pleased to make this strategic investment in our Ironton facilities and are grateful to the community for embracing PureCycle and our vision to remake a difference,” said Mike Otworth, PureCycle chairman and CEO. “Our operations will leverage southern Ohio’s skilled workforce while providing the latest in smart technology to support global demand for PureCycle’s Ultra-Pure Recycled Polypropylene.”
According to company officials, PureCycle will revitalize three buildings comprising 185,000 square feet located on 23 acres in Ironton. The facility will serve as the company’s operational center in North America and will create more than 50 full-time, high-paying jobs. PureCycle is now publicly traded on the NASDAQ under PureCycle Technologies, Inc. (PCT).
“The Lawrence County Commissioners are pleased with the announcement of PureCycle Technologies, multimillion-dollar investment in Lawrence County. The expansion changes the trajectory of economic development in our county and places us on the leading edge of technology,” said DeAnna Holliday, president of the Lawrence County Commission.
PureCycle offers the only recycled polypropylene with properties comparable to virgin polymer. The company’s proprietary process is licensed from Proctor and Gamble and removes color, odor, and other contaminants–resulting in 100 percent virgin-like polypropylene from recycled feedstock.
“The job creation from this investment will strengthen our economy and enhance the lives of families by offering higher end wages,” said Holliday. “We are so proud PureCycle will call Lawrence County home. We look forward to the impact this strong partnership will have on Lawrence County communities.”
State, regional and local economic development officials in southern Ohio worked closely with PureCycle to provide funding for infrastructure, including tapping into natural gas for onsite operations, along with grants for building renovations and tax abatements. JobsOhio assisted with a $750,000 JobsOhio Revitalization Grant.
“Revitalization assistance from JobsOhio and partnerships in Lawrence County were critical to attracting PurCycle’s cutting-edge facility to southern Ohio,” said OhioSE President Mike Jacoby. “This investment is a major development for southern Ohio and presents tremendous opportunities for the area. PureCycle will be taking advantage of southern Ohio’s skilled chemical industry workforce and excellent access to markets. We and our partners at JobsOhio welcome the company’s continued growth in service and impact in our region.”
“Lawrence Economic Development Corporation (LEDC) has had the privilege to be a key partner with PureCycle from the beginning,” said Bill Dingus, executive director of LEDC. “PureCycle allows Lawrence County and Southern Ohio to be a major player in the new economy where recycling is truly valued, and we see this as only the beginning for their growth in the Southern Ohio Industrial District, ‘The District.’”
PureCycle Technologies holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), for restoring waste polypropylene (PP) into virgin-like resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market.