Far Eastern New Century acquires U.S. based recycled PET firm low melt polyester staple fiber

Far Eastern New Century Corp., one of the leading textile suppliers in Taiwan, has acquired a recycled polyethylene terephthalate (PET) firm in the United States as part of its expansion into polyester recycling development.

In a Monday posting on the Taiwan Stock Exchange, where Far Eastern New Century is listed, the company said through its subsidiary APG Polytech U.S. A., it spent US$10 million to acquire Phoenix Technologies International LLC, located in Ohio.

According to Far Eastern New Century, Phoenix Technologies uses its annual production capacity of recycled PET to manufacture bottles and packaging materials, adding that the acquisition shows the Taiwanese firm's determination to boost its environment friendly credentials and enhance corporate sustainability.

Currently, Far Eastern New Century is the second largest green recycling process company in the world, after it engaged in recycling in 1988 and then used the recycled materials to develop textile items at production sites in Taiwan, Japan and the U.S.

After the acquisition of Phoenix Technologies, the Taiwanese textile firm has now established three operational hubs in the U.S. in 18 months.