PlasRecycle is set to open a new plastic bag recycling facility in Southeast London, UK, by the end of 2013, with an investment of about £10.7m.
The facility will convert plastic bags and film into new black bags, which are collected from waste companies, retailers and councils.
According to the company, the facility will process about 20,000t of the material annually into clean plastic pellets, which includes replacement of virgin material of new black bags and carrier bags.
UK Resource Management Minister Lord de Mauley said,"There is a huge global market for waste and recycling and I want to see UK businesses leading the way on this and helping us compete in the global race."
The company raised required funds for the new facility from investors such as Foresight Environmental Fund, the London Waste & Recycling Board and WRAP.