Indorama Ventures’ Fibers business, a leading global supplier of recycled technical textiles, polyester fibers and yarns, and Jiaren Chemical Recycling, a technology leader in chemical polyester recycling, form a joint venture to accelerate circularity in the global textile industry.
Both partners plan to leverage the joint venture to unlock up to 100,000 tonnes of textile-recycled PET spinning capacity annually, thereby enhancing the resilience and transparency of the global textile supply chain and optimizing the value both partners deliver to the industry.
Indorama Ventures’ global manufacturing footprint across APAC, EMEA, and the Americas along with the company’s proven ability to build efficient regional supply chains enable brand owners to establish local sourcing hubs where they need them. Jiaren Chemical Recyling’s ability to source, sort, de-color, de- and re-polymerize textile waste makes chemical textile recycling available at scale. That means fibers and yarns from this recycled feedstock allow brand owners to realize their climate targets and reduce textile waste at scale, while maintaining well-known material performance for consumers. Read more at Kohan Textile Journal.
Partnership for Circular Innovation
Mr. Diego Boeri, Executive President of Indorama Ventures’ Fibers business, said: “Mismanaged textile waste as well as the next generation’s expectations regarding climate protection cannot be solved by one company alone. It requires significant investment in infrastructure, technology and operations. Only together, all value chain players can build circular business models. Regulators need to help nurture the appetite for required investments, in particular in Europe, and consumers need to understand a lot better what happens in today’s global material flows to make educated buying choices. At Indorama Ventures, we strongly believe in the power of tightly woven relationships, with our customers and all other parties. We aim to lead the shift towards a circular textile economy. That’s why we back this joint venture with a double-digit million $ equity investment in Jiaren’s recycling capacity. We consider Jiaren Chemical Recycling the most advanced technology player in chemical textile recycling today. This strategic partnership is our next significant contribution to making our ambition of a circular textile industry real.”
Mr. Fang Jiayu, Chief Commercial Officer (International Market) of Jiaren, confirmed the goal to lead from the front: “Already today, Jiaren Chemical Recycling is among the biggest PET textile chemical recyclers globally, and we are continuously expanding our capacity. Partnering with a global powerhouse like Indorama Ventures is an opportunity for us to expand reach, helping to solve the world’s textile waste crisis, and secure diverse stable supply chains for brand owners and customers worldwide.” The closing of the joint venture is subject to relevant regulatory approvals.
