Polyethylene terephthalate (PET) bottles recycler Perpetual Recycling Solutions will invest more than $25 million to purchase and repurpose an existing 100,000-ft2 facility in Richmond, IN into a new production facility, creating up to 55 jobs by 2012. Founded in 1989 as Pure Tech Plastics LLC, the company converts plastic soda, juice, and water bottles into flake and resin pellets, with FDA approval to use the scrap in new food and beverage packaging. Perpetual Recycling Solutions is a subsidiary of Chicago's ReThink Recycling Group, which has an additional facility in East Farmingdale, NY.
Perpetual Recycling Solutions says the new facility will convert approximately 130 million lb of post-consumer PET annually, purchasing scrap from a number of sources. The company was offered up to $550,000 in performance-based tax credits and up to $50,000 in training grants based on the company's job creation plans from the Indiana Economic Development Corp. In addition, the board of directors for the Economic Development Corp. of Wayne County has also approved a $475,000 grant for equipment, training, and real estate improvements, and the Richmond Common Council will consider additional property tax abatement.