St. Helens bottle recycling plant gets $1.2M
By Erik Siemers, Business Journal staff writer
Business Journal staff writer
A new plant in St. Helens will recycle plastic drink bottles.
A Portland startup building the state’s first plastic bottle recycling plant has received $1.2 million in new equity capital.
Pacific PET Recycling LLC disclosed the equity round in a filing Monday with the federal Securities & Exchange Commission.
The company last week began construction on an estimated $10 million plant in St. Helens designed to process polyethylene terephthalate, or PET — the plastic used most commonly in bottles for soft drinks and water.
Dennis Denton, chairman of Portland-based Denton Plastics Inc. and a board director of the bottle recycling company, said the equity capital comes from a group of investors put together by Veber Partners LLC, a Portland-based investment banking firm.
Construction on the St. Helens plant is expected to be complete in about four months and Denton said the machinery has already been ordered. Production should commence about a month later.
At first the plant will be capable of producing so-called “dirty flake” plastic sorted by color. A later expansion will include technology that will produced washed plastic, which attracts higher market prices, Denton said.
“Most of that plastic is going overseas now,” Denton said. “The whole concept of what we’re doing is to create jobs in Oregon and eliminate exporting our valuable raw material to China.”
The plant will initially employ 25 people and eventually grow to 50, Denton said. Those numbers could increase further once its volumes grow to justify 24/7 operation.
@ErikSiemers | firstname.lastname@example.org | 503-219-3418
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