La Seda de Barcelona is set to make significant investment in its Artenius PET Packaging Europe (APPE) division after completing its financial restructuring.
After a €300m capital injection into La Seda, APPE was fully open for business. The funds will be used to restructure debt and provide significant investment in APPE.
After the restructuring, the group will move away for the resin and PET product businesses to focus on plastic packaging. The firm would continue to work on the development of specialist resins and the use of recycled PET.
APPE general manager Martin Hargreaves said the last 20 months had been extremely challenging for the group.
“Research and development into new products and technologies will be critical, building upon the work already completed,” Hargreaves added.
In February, APPE announced a £250,000 investment in a mixing facility to boost the use of recycled PET in its products. APPE said it was also examining ways to develop new markets for its rigid plastic packaging. At the Total Show in May, the firm highlighted its dual-colour injection moulding process.